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Keynes against Kalecki on economic method

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  • Anna Maria Carabelli
  • Mario Aldo Cedrini

Abstract

In the past twenty years, there has been considerable debate on the “coherence” of post Keynesian economics, in view of post Keynesian economists’ ambitions to develop a paradigmatic alternative to neoclassical economics. Given the growing importance of methodological aspects in this discussion, this article addresses the differences of approach to economic theory between the fathers of the two most important strands in post Keynesian economics. We thus focus on Keynes’s criticism of Kalecki’s theory of the business cycle and the tensions between Keynes’s logical approach and Kaleki’s formal modeling. We show that in criticizing Kalecki’s theory, Keynes made use of the same methodological criticism (based on detecting logical fallacies in reasoning) he had employed to attack both the classical theory and contemporary “pseudo-mathematical” models. After illustrating these fundamental differences between Keynes and Kalecki about the proper way of doing economics, we draw some conclusions on the possible future evolution of post Keynesian economics.

Suggested Citation

  • Anna Maria Carabelli & Mario Aldo Cedrini, 2017. "Keynes against Kalecki on economic method," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 40(3), pages 349-375, July.
  • Handle: RePEc:mes:postke:v:40:y:2017:i:3:p:349-375
    DOI: 10.1080/01603477.2017.1331317
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    References listed on IDEAS

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    1. Harcourt, G. C. & Kriesler, Peter (ed.), 2013. "The Oxford Handbook of Post-Keynesian Economics, Volume 2: Critiques and Methodology," OUP Catalogue, Oxford University Press, number 9780195390759.
    2. Olav Bjerkholt (ed.), 1995. "Foundations of Modern Econometrics," Books, Edward Elgar Publishing, volume 0, number 46.
    3. Harcourt, Geoffrey & Kriesler, Peter (ed.), 2013. "The Oxford Handbook of Post-Keynesian Economics, Volume 1: Theory and Origins," OUP Catalogue, Oxford University Press, number 9780195390766.
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    Cited by:

    1. Aleksander Sulejewicz, 2021. "Modelling in the Case of a Heterodox Economist: Success and Failure of Michał Kalecki," Ekonomista, Polskie Towarzystwo Ekonomiczne, issue 2, pages 8-38.
    2. Telma Barrantes-Fernández & Esteban Cruz-Hidalgo & José Francisco Rangel-Preciado & Francisco Manuel Parejo-Moruno, 2023. "Decommodify the 2030 Agenda: Why and How to Finance What Is Not Profitable?," Sustainability, MDPI, vol. 15(5), pages 1-16, February.
    3. Aleksander Sulejewicz, 2021. "Modelling in the Case of a Heterodox Economist: Success and Failure of Michał Kalecki," Ekonomista, Polskie Towarzystwo Ekonomiczne, vol. 2, pages 8-38, April.

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