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Anticipations of the Crisis: On the Similarities Between Post Keynesian Economics and Regulation Theory

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  • Mark Setterfield

    ()
    (Department of Economics, Trinity College)

Abstract

The purpose of this paper is to explore the similarities between Post Keynesian Economics (PKE) and Regulation Theory (RT). It is argued that, despite important differences between these traditions, the analytical contents of PKE and RT display broad similarities with respect to their treatments of the income-generating process, the crisis-prone nature of capitalism, and the institutional contingency of capitalist growth and development. This thesis is then exemplified and substantiated with reference to the 2007—2009 financial crisis and “Great Recession”. Specifically, it is shown that important strands of both PKE and RT characterize and were successful in anticipating the crisis as the result of the exhaustion of a financialized growth process.

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File URL: http://internet2.trincoll.edu/repec/WorkingPapers2010/wp10-07.pdf
File Function: First version, 2010
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Bibliographic Info

Paper provided by Trinity College, Department of Economics in its series Working Papers with number 1007.

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Length: 31 pages
Date of creation: Sep 2010
Date of revision:
Handle: RePEc:tri:wpaper:1007

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Related research

Keywords: Post Keynesian Economics; Regulation Theory; Great Recession; financial crisis;

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Cited by:
  1. Eckhard Hein & Nina Dodig & Natalia Budyldina, 2014. "Financial, economic and social systems: French Regulation School, Social Structures of Accumulation and Post-Keynesian approaches compared," Working papers wpaper22, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
  2. Thomas Goda, 2013. "The role of income inequality in crisis theories and in the subprime crisis," Working Papers PKWP1305, Post Keynesian Economics Study Group (PKSG).

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