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Why Post Keynesianism is Not Yet a Science

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  • Egmont Kakarot-Handtke

    ()
    (University of Stuttgart, Institute of Economics and Law, Keplerstrasse 17, D-70174 Stuttgart, Germany)

Abstract

In a programmatic article Alfred Eichner explained, from a Post Keynesian perspective, why neoclassical economics is not yet a science. This was some time ago and one would expect that Post Keynesianism, with a heightened awareness of scientific standards, has done much better than alternative approaches in the meantime. There is wide agreement that this is not the case. Explanations, though, differ widely. The present – strictly formal – inquiry identifies an elementary logical flaw. This strengthens the argument that the Post Keynesian motto ‘it is better to be roughly right than precisely wrong!’ is methodologically indefensible.

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Bibliographic Info

Article provided by Queensland University of Technology (QUT), School of Economics and Finance in its journal Economic Analysis and Policy (EAP).

Volume (Year): 43 (2013)
Issue (Month): 1 (March)
Pages: 95-108

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Handle: RePEc:eap:articl:v:43:y:2013:i:1:p:95-108

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Keywords: new framework of concepts; structure-centric; axiom set; consistency; Post Keynesian hard core; logical rigor; loose verbal reasoning; hypothetico-deductive method; profit; retained profit; saving; general complementarity; IS-fallacy;

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References

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  1. Egmont Kakarot-Handtke, 2012. "Primary and Secondary Markets," Economics Working Paper Archive wp_741, Levy Economics Institute.
  2. Coddington, Alan, 1976. "Keynesian Economics: The Search for First Principles," Journal of Economic Literature, American Economic Association, vol. 14(4), pages 1258-73, December.
  3. Gerschenkron, Alexander, 1969. "History of Economic Doctrines and Economic History," American Economic Review, American Economic Association, vol. 59(2), pages 1-17, May.
  4. Egmont Kakarot-Handtke, 2013. "The Emergence of Profit and Interest in the Monetary Circuit," World Economic Review, World Economics Association, vol. 2013(2), pages 106, February.
  5. T.A. Boylan & P.F. O'Gorman, 2007. "Axiomatization And Formalism In Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 21(3), pages 426-446, 07.
  6. David Colander, 1995. "Marshallian General Equilibrium Analysis," Eastern Economic Journal, Eastern Economic Association, vol. 21(3), pages 281-293, Summer.
  7. Kakarot-Handtke, Egmont, 2012. "The common error of common sense: an essential rectification of the accounting approach," MPRA Paper 43196, University Library of Munich, Germany.
  8. Kakarot-Handtke, Egmont, 2011. "Squaring the investment cycle," MPRA Paper 32895, University Library of Munich, Germany.
  9. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521645966.
  10. Sheila C. Dow, 2005. "Axioms and Babylonian thought: a reply," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(3), pages 385-391, April.
  11. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
  12. Marek Hudik, 2011. "Why economics is not a science of behaviour," Journal of Economic Methodology, Taylor & Francis Journals, vol. 18(2), pages 147-162.
  13. Tomasson, Gunnar & Bezemer, Dirk J, 2010. "What is the Source of Profit and Interest? A Classical Conundrum Reconsidered," MPRA Paper 20320, University Library of Munich, Germany.
  14. Roy J. Rotheim, 1981. "Keynes' Monetary Theory of Value (1933)," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 3(4), pages 568-585, July.
  15. Eichner, Alfred S & Kregel, J A, 1975. "An Essay on Post-Keynesian Theory: A New Paradigm in Economics," Journal of Economic Literature, American Economic Association, vol. 13(4), pages 1293-1314, December.
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Cited by:
  1. Kakarot-Handtke, Egmont, 2014. "Towards Full Employment Through Applied Algebra and Counter-Intuitive Behavior," MPRA Paper 56749, University Library of Munich, Germany.
  2. Kakarot-Handtke, Egmont, 2013. "The Calculating Auctioneer, Enlightened Wage Setters, and the Fingers of the Invisible Hand," MPRA Paper 44977, University Library of Munich, Germany.
  3. Kakarot-Handtke, Egmont, 2011. "Trade, productivity, income, and profit: the comparative advantage of structural axiomatic analysis," MPRA Paper 43872, University Library of Munich, Germany, revised 18 Jan 2012.
  4. Kakarot-Handtke, Egmont, 2012. "Geometrical exposition of structural axiomatic economics (I): Fundamentals," MPRA Paper 43269, University Library of Munich, Germany.
  5. Kakarot-Handtke, Egmont, 2013. "Confused confusers. How to stop thinking like an economist and start thinking like a scientist," MPRA Paper 44046, University Library of Munich, Germany.

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