Anticipations of the Crisis: On the Similarities Between Post Keynesian Economics and Regulation Theory
AbstractThe 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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Bibliographic InfoPaper provided by Trinity College, Department of Economics in its series Working Papers with number 1007.
Length: 31 pages
Date of creation: Sep 2010
Date of revision:
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Web page: http://www.trincoll.edu/Academics/MajorsAndMinors/Economics/Pages/default.aspx
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Post Keynesian Economics; Regulation Theory; Great Recession; financial crisis;
Find related papers by JEL classification:
- B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
- E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-09-18 (All new papers)
- NEP-FDG-2010-09-18 (Financial Development & Growth)
- NEP-HPE-2010-09-18 (History & Philosophy of Economics)
- NEP-PKE-2010-09-18 (Post Keynesian Economics)
- NEP-REG-2010-09-18 (Regulation)
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- 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).
- Eckhard Hein & Nina Dodig & Natalia Budyldina, 2014.
"Financial, economic and social systems: French Regulation School, Social Structures of Accumulation and Post-Keynesian approaches compared,"
wpaper22, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
- Hein, Eckhard & Dodig, Nina & Budyldina, Natalia, 2014. "Financial, economic and social systems: French Regulation School, Social Structures of Accumulation and Post-Keynesian approaches compared," IPE Working Papers 34/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
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