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Currency in a common research program for post-keynesianism and neo-ricardianism

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  • Marc Lavoie

Abstract

An attempt is made to differentiate neoclassical theory from a synthesis ofpost-keynesianism and neo-ricardianism, called here post-classical theory. The neoclassicalresearch program relies on four essentials: instrumentalism, individualism, exchange, andunbounded rationality. The post-classical program (which also includes institutionalists andradicals) relies on the opposite essentials: realism, organicism, production, and proceduralrationality. Monetary theory is given as a case example of these dichotomies. It is shown thatpost-Keynesians and neo-Ricardians have convergent views on the endogeneity of moneyand the conventional character of interest rates. JEL Classification: B41; B24.

Suggested Citation

  • Marc Lavoie, 1992. "Currency in a common research program for post-keynesianism and neo-ricardianism," Brazilian Journal of Political Economy, Center of Political Economy, vol. 12(3), pages 425-447.
    • Handle: RePEc:ekm:repojs:v:12:y:1992:i:3:p:425-447:id:1428
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/1428/1414
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    More about this item

    Keywords

    Economic methodology; post-Keynesianism; neoricardianism;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian

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