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Post Keynesian economics - how to move forward

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  • Engelbert Stockhammer

    ()
    (Department of Economics, Vienna University of Economics & B.A.)

  • Paul Ramskogler

    ()
    (Department of Economics, Vienna University of Economics & B.A.)

Abstract

Post Keynesian Economics (PKE) is at a cross road. The academic climate at universities has become more hostile to survival and the mainstream has become more diverse internally. Moreover, a heterodox camp of diverse groups of non-mainstream economists is forming. The debate on the future of PKE has so far focussed on the relation to the mainstream. This paper argues that this is not an important issue for the future of PKE. The debate has overlooked the dialectics between academic hegemony and economic (and social) stability. The important question is, whether PKE offers useful explanations of the ongoing socio-economic transformation. PKE has generated valuable insights but it offers little on important real world phenomena such as supply-side phenomena like the increasing use of ICT and the globalisation of production, social issues like precarisation and the polarization of income distribution or ecological challenges like climate change. It is these issues that will decide the future of PKE.

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Paper provided by Vienna University of Economics, Department of Economics in its series Department of Economics Working Papers with number wuwp124.

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Date of creation: Dec 2008
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Handle: RePEc:wiw:wiwwuw:wuwp124

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  1. > Schools of Economic Thought, Epistemology of Economics > Heterodox Approaches > Thermoeconomics > Bifurcations of the entropy law
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  1. Romar Correa, 2010. "Regime-Changes in a Stock-Flow-Consistent Model," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 8(1), pages 24-33.

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