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Post-Keynesian economics How to move forward

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  • Engelbert Stockhammer

    (Vienna University of Economics and Business)

  • Paul Ramskogler

    (Vienna University of Economics and Business)

Abstract

Post-Keynesian Economics (PKE) is at the crossroads. Post-Keynesians (PKs) have become effectively marginalized; 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, in fact, not an important issue for the future of PKE. The debate has so far strangely overlooked the dialectics between academic hegemony and economic (and social) stability. In times of crisis the dominant economic paradigm becomes vulnerable. The important question is, whether PKE offers useful explanations of ongoing socio-economic transformations. PKE has generated valuable insights on core areas such as monetary macroeconomics and medium-term growth theory, but it offers little on important real world phenomena like the globalisation of production and 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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  • Engelbert Stockhammer & Paul Ramskogler, 2009. "Post-Keynesian economics How to move forward," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 6(2), pages 227-246.
  • Handle: RePEc:elg:ejeepi:v:6:y:2009:i:2:p:227-246
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    Cited by:

    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.
    2. Lynne Chester & Joy Paton, 2013. "The economic–environment relation: can post-Keynesians, Régulationists and Polanyians offer insights?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 106-121.
    3. Glötzl, Florentin & Aigner, Ernest, 2017. "Six Dimensions of Concentration in Economics: Scientometric Evidence from a Large-Scale Data Set," Ecological Economic Papers 15, WU Vienna University of Economics and Business.
    4. Florentin GLOETZL & Ernest AIGNER, 2017. "Six Dimensions of Concentration in Economics: Scientometric Evidence from a Large-Scale Data Set," Ecological Economics Papers ieep15, Institute of Ecological Economics.

    More about this item

    Keywords

    post-Keynesian economics; mainstream economics; heterodox economics; neo-liberalism;

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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