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Do Heterodox Theories Have Anything in Common? A Post-Keynesian Point of View

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  • Marc Lavoie

    () (University of Ottawa, Department of Economics)

Abstract

The paper questions the wide-spread assertion that non-orthodox schools of thought in economics have only one thing in common – their rejection of mainstream (neoclassical) economics. The author shows by contrast that heterodox currents share some fundamental analytical insights. The paper focuses on a comparison of modern Marxist conceptions with those of Post-Keynesian economists, including the works of Kaleckians and Sraffians. This is shown by examining four fields: the issue of rationality (where the adjustment principle is explicitly accepted by important heterodox authors), price theory (with cost-plus pricing combined to some long-run adjustment), growth theory (where the Kaleckian model has been adopted by authors from all schools), and finally monetary theory (where authors from all backgrounds are successfully integrating real and monetary analysis by taking into account financial markets). The author concludes that mutual feedback between the various heterodox currents has been beneficial to all, despite an unavoidable hyper-specialisation.

Suggested Citation

  • Marc Lavoie, 2006. "Do Heterodox Theories Have Anything in Common? A Post-Keynesian Point of View," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 3(1), pages 1-87–112.
  • Handle: RePEc:elg:ejeepi:v:3:y:2006:i:1:p:87-112
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    Cited by:

    1. Glötzl, Florentin & Aigner, Ernest, 2015. "Pluralism in the Market of Science? A citation network analysis of economic research at universities in Vienna," Ecological Economic Papers 4730, WU Vienna University of Economics and Business.
    2. Asensio, Angel & Charles, Sébastien & Lang, Dany & Le Heron, Edwin, 2011. "Les développements récents de la macroéconomie post-keynésienne," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 10.
    3. Engelbert Stockhammer & Paul Ramskogler, 2009. "Wie weiter? Zur Zukunft des Postkeynesianismus," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 35(3), pages 329-353.
    4. Fernando Rugitsky, 2015. "Financialization, Housing Bubble, and the Great Recession: an interpretation based on a circuit of capital model," Working Papers, Department of Economics 2015_24, University of São Paulo (FEA-USP).
    5. Kronenberg, Tobias, 2010. "Finding common ground between ecological economics and post-Keynesian economics," Ecological Economics, Elsevier, vol. 69(7), pages 1488-1494, May.
    6. Florentin Gloetzl & Ernest Aigner, 2015. "Pluralism in the Market of Science? A citation network analysis of economic research at universities in Vienna," Ecological Economics Papers ieep5, Institute of Ecological Economics.
    7. Eckhard Hein & Marc Lavoie & Till van Treeck, 2011. "Some instability puzzles in Kaleckian models of growth and distribution: a critical survey," Cambridge Journal of Economics, Oxford University Press, vol. 35(3), pages 587-612.
    8. Esteban Perez Caldentey & Matias Vernengo, 2013. "Wage and Profit-led Growth: The Limits to Neo-Kaleckian Models and a Kaldorian Proposal," Economics Working Paper Archive wp_775, Levy Economics Institute.
    9. Mariolis, Theodore, 2007. "Distribution and Growth in an Economy with Heterogeneous Capital and Excess Capacity," MPRA Paper 24042, University Library of Munich, Germany.
    10. Óscar Carpintero, 2013. "When Heterodoxy Becomes Orthodoxy: Ecological Economics in The New Palgrave Dictionary of Economics," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(5), pages 1287-1314, November.
    11. Mussard, Stéphane & Philippe, Bernard, 2011. "On the links between unemployment rate, monetary creation and the value-added sharing," Economic Modelling, Elsevier, vol. 28(3), pages 767-774, May.
    12. Richters, Oliver, 2015. "Integrating Energy Use into Macroeconomic Stock-Flow Consistent Models," EconStor Theses, ZBW - German National Library of Economics, number 154764.
    13. Claudio Sardoni, 2011. "Unemployment, Recession and Effective Demand," Books, Edward Elgar Publishing, number 13837.

    More about this item

    JEL classification:

    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches

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