Advanced Search
MyIDEAS: Login to save this paper or follow this series

Post-Keynesian modelling: where are we, and where are we going to?

Contents:

Author Info

  • Charles, Sébastien
  • Lang, Dany
  • Asensio, Angel

Abstract

This paper presents the current “state of the art” of Post-Keynesian modelling, as well as the most important issues raised by it. We first present a new formal statement of the Keynes' model, highlighting the importance of the “static model of a dynamic process”, and insisting on the influence of “true uncertainty” and of the “views concerning the future.” The paper then analyses the three most important classes of Post-Keynesian contemporary models: the Kaleckian models of growth; the Minskian models showing the destabilizing impacts of financial variables on the economy; and the path-dependant 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’ model, none of them encompasses all its rich and realistic properties, and a synthetic dynamic Post-Keynesian model is desirable, and has still to be framed. The main barriers to this synthesis are underlined.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://mpra.ub.uni-muenchen.de/30726/
File Function: original version
Download Restriction: no

Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 30726.

as in new window
Length:
Date of creation: 2010
Date of revision:
Handle: RePEc:pra:mprapa:30726

Contact details of provider:
Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
Fax: +49-(0)89-2180-3900
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC

Related research

Keywords: Post-Keynesian modelling; Keynes’ “static model of a dynamic process”; Kaleckian models; Minskian models; Models of path dependency;

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Dumenil, Gerard & Levy, Dominique, 1999. "Being Keynesian in the Short Term and Classical in the Long Term: The Traverse to Classical Long-Term Equilibrium," Manchester School, University of Manchester, vol. 67(6), pages 684-716, December.
  2. Rod Cross & Julia Darby & Jonathan Ireland & Laura Piscitelli, 1999. "Hysteresis and Unemployment: a Preliminary Investigation," Computing in Economics and Finance 1999, Society for Computational Economics 721, Society for Computational Economics.
  3. Amitava Krishna Dutt, 1997. "On an Alleged Inconsistency in Aggregate-Supply/Aggregate-Demand Analysis," Eastern Economic Journal, Eastern Economic Association, vol. 23(4), pages 469-476, Fall.
  4. Donald Katzner, 1999. "Hysteresis and the Modeling of Economic Phenomena," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 11(2), pages 171-181.
  5. David H. Romer, 2000. "Keynesian Macroeconomics without the LM Curve," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 14(2), pages 149-169, Spring.
  6. Cross, Rod, 1993. "On the Foundations of Hysteresis in Economic Systems," Economics and Philosophy, Cambridge University Press, vol. 9(01), pages 53-74, April.
  7. Dany Lang & Christian de Peretti, 2009. "A strong hysteretic model of Okun's Law: theory and a preliminary investigation," International Review of Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 23(4), pages 445-462.
  8. Bhaduri, Amit & Marglin, Stephen, 1990. "Unemployment and the Real Wage: The Economic Basis for Contesting Political Ideologies," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 14(4), pages 375-93, December.
  9. Marc Lavoie, 2003. "Kaleckian Effective Demand and Sraffian Normal Prices: Towards a reconciliation," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 15(1), pages 53-74.
  10. MG Hayes, 2007. "Keynes's Z function, heterogeneous output and marginal productivity," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 31(5), pages 741-753, September.
  11. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 82(325), pages 101-15, March.
Full references (including those not matched with items on IDEAS)

Citations

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:30726. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).

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 references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.

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