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On the Coherence of Post-Keynesian Economics: A Comment on Walters and Young


  • Arestis, Philip
  • Dunn, Stephen P
  • Sawyer, Malcolm


This paper argues that the thesis advanced by Walters and Young on the lack of coherence of post-Keynesian economics itself lacks coherence and involves considerable misunderstanding and misinterpretation of post-Keynesian economics. We identify the central theme of post-Keynesian economics as the idea that in a monetary production economy the level of economic activity is set by effective demand, which in general will involve unemployment. Subsequent sections respond to the discussion of Walters and Young on methodological issues, on expectations, uncertainty and time, on the post-Keynesian analysis of money and on economic policy. Copyright 1999 by Scottish Economic Society.

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  • Arestis, Philip & Dunn, Stephen P & Sawyer, Malcolm, 1999. "On the Coherence of Post-Keynesian Economics: A Comment on Walters and Young," Scottish Journal of Political Economy, Scottish Economic Society, vol. 46(3), pages 339-345, August.
  • Handle: RePEc:bla:scotjp:v:46:y:1999:i:3:p:339-45

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    Cited by:

    1. Sheila C. Dow, 2014. "Consistency in pluralism and microfoundations," Working Papers PKWP1408, Post Keynesian Economics Study Group (PKSG).

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