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

Listed author(s):
  • 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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Article provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.

Volume (Year): 46 (1999)
Issue (Month): 3 (August)
Pages: 339-345

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Handle: RePEc:bla:scotjp:v:46:y:1999:i:3:p:339-45
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