Edited by Robert W. Dimand and Harald Hagemann
After a short overview over the historical development of post-Keynesian economics, this chapter first distinguishes post-Keynesian economics and heterodox economics in general from mainstream orthodox economics according to the differences in five basic presuppositions. It then presents the main strands of post-Keynesian economics, that is, the fundamentalist Keynesians, the Kaleckians, the Sraffians or neo-Ricardians, the institutionalists and, finally, the Kaldorians. In particular, it emphasizes the main commonalities of these strands: the focus on a monetary theory of production; the dominance of the principle of effective demand in the short and long run; the importance of the notion of fundamental uncertainty; the insistence that economic processes take place in historical and irreversible time; and the importance of distributional issues and distribution conflict for economic outcomes. Finally, the implications for post-Keynesian macroeconomic policies as an alternative to new consensus macroeconomic policies are highlighted.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.