IDEAS home Printed from https://ideas.repec.org/a/bla/ausecr/v48y2015i3p321-332.html
   My bibliography  Save this article

Post-Keynesian Economics: A User's Guide

Author

Listed:
  • Neil Hart
  • Peter Kriesler

Abstract

type="main" xml:lang="en"> This article provides a brief introduction to post-Keynesian economics. Post-Keynesians are sceptical of the usefulness of the equilibrium method and favour an approach based on path-determined models with, due to the influence of uncertainty on economic decisions, an important role assigned to money, institutions and rules of thumb. As there are no forces within capitalist economies which can guarantee full employment, government intervention is important. While monetary policy is seen as a rather blunt instrument, fiscal policy is perceived to be much more potent than it is in the mainstream. However, there are inherent limits to the achievement of sustained full employment in capitalist economies.

Suggested Citation

  • Neil Hart & Peter Kriesler, 2015. "Post-Keynesian Economics: A User's Guide," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 48(3), pages 321-332, September.
    • Handle: RePEc:bla:ausecr:v:48:y:2015:i:3:p:321-332
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Palley,Thomas I., 2013. "From Financial Crisis to Stagnation," Cambridge Books, Cambridge University Press, number 9781107612464, January.
    2. James Forder, 2000. "Central Bank Independence and Credibility: Is There a Shred of Evidence?," International Finance, Wiley Blackwell, vol. 3(1), pages 167-185, April.
    3. George A. Akerlof, 2007. "The Missing Motivation in Macroeconomics," American Economic Review, American Economic Association, vol. 97(1), pages 5-36, March.
    4. Philip Arestis, 1992. "The Post-Keynesian Approach to Economics," Books, Edward Elgar Publishing, number 16.
    5. R. L. Hall & C. J. Hitch, 1939. "Price Theory And Business Behaviour," Oxford Economic Papers, Oxford University Press, vol. 0(1), pages 12-45.
    6. Philip Arestis & Malcolm Sawyer (ed.), 2004. "The Rise of the Market," Books, Edward Elgar Publishing, number 3410.
    7. Forder, James, 2000. "Central Bank Independence and Credibility: Is There a Shred of Evidence?: Review," International Finance, Wiley Blackwell, vol. 3(1), pages 167-185, April.
    8. R. M. Goodwin, 1982. "Essays in Economic Dynamics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-05504-3.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.
    2. Andrew Hallett & Jan Libich, 2012. "Explicit inflation targets and central bank independence: friends or foes?," Economic Change and Restructuring, Springer, vol. 45(4), pages 271-297, November.
    3. Piero Ferri, 2011. "Macroeconomics of Growth Cycles and Financial Instability," Books, Edward Elgar Publishing, number 14260.
    4. Alexander Mihailov, 2007. "Does Instrument Independence Matter under the Constrained Discretionof an Inflation Targeting Goal? Lessons from UK Taylor Rule Empirics," Money Macro and Finance (MMF) Research Group Conference 2006 95, Money Macro and Finance Research Group.
    5. Libich, Jan & Stehlík, Petr, 2011. "Endogenous monetary commitment," Economics Letters, Elsevier, vol. 112(1), pages 103-106, July.
    6. Thanos Skouras & Yiannis Kitromilides, 2014. "The irresistible charm of the micro-foundations dogma or the overwhelming force of the discipline's hard core?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 11(1), pages 67-79, April.
    7. Annina Kaltenbrunner, 2018. "Financialised internationalisation and structural hierarchies: a mixed-method study of exchange rate determination in emerging economies," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 42(5), pages 1315-1341.
    8. Siklos, Pierre L. & Abel, Istvan, 2002. "Is Hungary ready for inflation targeting?," Economic Systems, Elsevier, vol. 26(4), pages 309-333, December.
    9. Yahya Madra & Fikret Adaman, 2013. "Neoliberal reason and its forms:Depoliticization through economization," Working Papers 2013/07, Bogazici University, Department of Economics.
    10. J Whittaker, 2001. "The reputational constraint on monetary policy," Working Papers 539849, Lancaster University Management School, Economics Department.
    11. Downward, Paul, 2004. "Post Keynesian pricing theory: Alternative foundations and prospects for future research," Journal of Economic Psychology, Elsevier, vol. 25(5), pages 661-670, October.
    12. Davide Gualerzi, 2017. "Crisis in the Eurozone: Austerity and Economic Transformation," Review of Radical Political Economics, Union for Radical Political Economics, vol. 49(3), pages 394-409, September.
    13. Alfred Janc & Pawel Marszalek, 2015. "Effects of internationalization, privatisation and demutualization of the financial sector on supply of finance and stability," Working papers wpaper119, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    14. Engelbert Stockhammer & Simon Sturn, 2012. "The impact of monetary policy on unemployment hysteresis," Applied Economics, Taylor & Francis Journals, vol. 44(21), pages 2743-2756, July.
    15. Bils, Mark & Chang, Yongsung, 2000. "Understanding how price responds to costs and production," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 52(1), pages 33-77, June.
    16. Moreira, Helmar Nunes & Araujo, Ricardo Azevedo & Flaschel, Peter, 2014. "The Foley Liquidity / Profit-Rate Cycle Model Reconsidered," MPRA Paper 54808, University Library of Munich, Germany.
    17. Mariko SHIMIZU, 2019. "Why do high ability people also suffer from money illusion? Experimental evidence of behavioral contradiction," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(1(618), S), pages 5-22, Spring.
    18. Kemp-Benedict, Eric, 2013. "Resource Return on Investment under Markup Pricing," MPRA Paper 49154, University Library of Munich, Germany.
    19. Pascal Courty & Mario Pagliero, 2008. "Do Consumers Care about how Prices are Set?," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 15(1), pages 27-43.
    20. Michael J. Radzicki, 2003. "Mr. Hamilton, Mr. Forrester, and a Foundation for Evolutionary Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 37(1), pages 133-173, March.

    More about this item

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ausecr:v:48:y:2015:i:3:p:321-332. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/mimelau.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.