Post Keynesian modeling: where are we, and where are we going to?
AbstractThis paper presents the current "state of the art" of Post Keynesian modeling, as well as the most important issues raised by it. We first present a new formal statement of Keynes's model. We then analyze the three most important classes of Post Keynesian contemporary models: the Kaleckian models of growth, the Minskian models showing the destabilizing effects of financial variables on the economy, and the path-dependent models insisting on the nature of time in economics, and on the absence of any "natural" anchor. We argue that, whereas the current Post Keynesian models have a lot in common with Keynes's model, none of them encompass all its rich and realistic properties, and a synthetic dynamic Post Keynesian model is desirable, and has still to be framed.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.
Volume (Year): 34 (2012)
Issue (Month): 3 (April)
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348
Kaleckian models; Minskian models; path dependency; Post Keynesian modeling;
Other versions of this item:
- Charles, Sébastien & Lang, Dany & Asensio, Angel, 2010. "Post-Keynesian modelling: where are we, and where are we going to?," MPRA Paper 30726, University Library of Munich, Germany.
- E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
- E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
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