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Why Post Keynesianism is not yet a science

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  • Kakarot-Handtke, Egmont

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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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 43171.

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Date of creation: Sep 2012
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Handle: RePEc:pra:mprapa:43171

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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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  1. Coddington, Alan, 1976. "Keynesian Economics: The Search for First Principles," Journal of Economic Literature, American Economic Association, vol. 14(4), pages 1258-73, December.
  2. Kakarot-Handtke, Egmont, 2011. "Squaring the investment cycle," MPRA Paper 32895, University Library of Munich, Germany.
  3. 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.
  4. Egmont Kakarot-Handtke, 2012. "Primary and Secondary Markets," Economics Working Paper Archive wp_741, Levy Economics Institute.
  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. Egmont Kakarot-Handtke, 2012. "The Common Error of Common Sense: An Essential Rectification of the Accounting Approach," Economics Working Paper Archive wp_731, Levy Economics Institute.
  7. Marek Hudik, 2011. "Why economics is not a science of behaviour," Journal of Economic Methodology, Taylor & Francis Journals, vol. 18(2), pages 147-162.
  8. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521645966.
  9. 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.
  10. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (I)," MPRA Paper 32421, University Library of Munich, Germany.
  11. Kakarot-Handtke, Egmont, 2012. "The emergence of profit and interest in the monetary circuit," MPRA Paper 43241, University Library of Munich, Germany.
  12. Gerschenkron, Alexander, 1969. "History of Economic Doctrines and Economic History," American Economic Review, American Economic Association, vol. 59(2), pages 1-17, May.
  13. David Colander, 1995. "Marshallian General Equilibrium Analysis," Eastern Economic Journal, Eastern Economic Association, vol. 21(3), pages 281-293, Summer.
  14. 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.
  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, 2013. "Confused confusers. How to stop thinking like an economist and start thinking like a scientist," MPRA Paper 44046, University Library of Munich, Germany.
  2. Kakarot-Handtke, Egmont, 2014. "Towards Full Employment Through Applied Algebra and Counter-Intuitive Behavior," MPRA Paper 56749, 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, 2013. "The Calculating Auctioneer, Enlightened Wage Setters, and the Fingers of the Invisible Hand," MPRA Paper 44977, University Library of Munich, Germany.
  5. Kakarot-Handtke, Egmont, 2012. "Geometrical exposition of structural axiomatic economics (I): Fundamentals," MPRA Paper 43269, University Library of Munich, Germany.

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