IDEAS home Printed from
   My bibliography  Save this article

The illusions of the "new consensus" in macroeconomics: a Minskian analysis


  • Giorgos Argitis


The present crisis raises some crucial questions about the foundations of the currently hegemonic model of conventional macroeconomics. This paper argues, from a Minskian viewpoint, that the "new consensus" in macroeconomics cannot be the basis for fruitful research on the behavior of the financial model of capitalism in which we live and for drawing useful economic policies to stabilize it. It shows that the most important problem is the relegation of key institutions, which entrap the economic profession and the policymakers into a self-regulated financial markets illusion and a fine-tune illusion. Macroeconomic research urgently needs to escape from conventional beliefs and preconceptions that minimize the realism of macroeconomic theory and policy.

Suggested Citation

  • Giorgos Argitis, 2013. "The illusions of the "new consensus" in macroeconomics: a Minskian analysis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 35(3), pages 483-505.
  • Handle: RePEc:mes:postke:v:35:y:2013:i:3:p:483-505
    DOI: 10.2753/PKE0160-3477350309

    Download full text from publisher

    File URL:
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:postke:v:35:y:2013:i:3:p:483-505. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Chris Longhurst). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.