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Do Heterodox Theories Have Anything in Common? A Post-Keynesian Point of View

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  • Marc Lavoie

    ()
    (University of Ottawa, Department of Economics)

Abstract

The paper questions the wide-spread assertion that non-orthodox schools of thought in economics have only one thing in common – their rejection of mainstream (neoclassical) economics. The author shows by contrast that heterodox currents share some fundamental analytical insights. The paper focuses on a comparison of modern Marxist conceptions with those of Post-Keynesian economists, including the works of Kaleckians and Sraffians. This is shown by examining four fields: the issue of rationality (where the adjustment principle is explicitly accepted by important heterodox authors), price theory (with cost-plus pricing combined to some long-run adjustment), growth theory (where the Kaleckian model has been adopted by authors from all schools), and finally monetary theory (where authors from all backgrounds are successfully integrating real and monetary analysis by taking into account financial markets). The author concludes that mutual feedback between the various heterodox currents has been beneficial to all, despite an unavoidable hyper-specialisation.

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Bibliographic Info

Article provided by Edward Elgar in its journal Intervention. European Journal of Economics and Economic Policies (subtitle initially: Zeitschrift fuer Oekonomie / Journal of Economics).

Volume (Year): 3 (2006)
Issue (Month): 1 ()
Pages: 87–112

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Handle: RePEc:elg:ejeepi:v:3:y:2006:i:1:p:87-112

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Web page: http://www.elgaronline.com/ejeep

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Cited by:
  1. Eckhard Hein & Marc Lavoie & Till van Treeck, 2011. "Some instability puzzles in Kaleckian models of growth and distribution: a critical survey," Cambridge Journal of Economics, Oxford University Press, vol. 35(3), pages 587-612.
  2. Esteban Perez Caldentey & Matias Vernengo, 2013. "Wage and Profit-led Growth: The Limits to Neo-Kaleckian Models and a Kaldorian Proposal," Economics Working Paper Archive wp_775, Levy Economics Institute.
  3. Bernard Philippe & Stéphane Mussard, 2010. "On the Links Between Unemployment Rate, Monetary Creation and the Value-added Sharing," Cahiers de recherche 10-05, Departement d'Economique de la Faculte d'administration à l'Universite de Sherbrooke.
  4. Mariolis, Theodore, 2007. "Distribution and Growth in an Economy with Heterogeneous Capital and Excess Capacity," MPRA Paper 24042, University Library of Munich, Germany.
  5. Kronenberg, Tobias, 2010. "Finding common ground between ecological economics and post-Keynesian economics," Ecological Economics, Elsevier, vol. 69(7), pages 1488-1494, May.
  6. Engelbert Stockhammer & Paul Ramskogler, 2009. "Wie weiter? Zur Zukunft des Postkeynesianismus," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 35(3), pages 329-354.

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