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Compatibility and complementarity between institutional and post-Keynesian economics: a literature review with a particular focus on methodology

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  • Eduardo Fernández-Huerga

    (Universidad de León)

  • Ana Pardo

    (Universidad de León)

  • Ana Salvador

    (Universidad de León)

Abstract

The objective of this article is to carry out a review of the links between institutional and post-Keynesian economics, in order to raise the possible compatibility and even complementarity between the two branches of economic thought. To this end, we first review the question of compatibility from the perspective of institutional economics and then from the post-keynesian standpoint. Next, methodological issues are addressed by presenting the essential elements that characterize post-keynesian and institutional methodology (and internal debates in this regard) and then by describing the areas of compatibility between the two. The final section presents the main conclusions and summarizes the basic elements that could constitute a theoretical framework of synthesis between institutional and post-keynesian economics.

Suggested Citation

  • Eduardo Fernández-Huerga & Ana Pardo & Ana Salvador, 2023. "Compatibility and complementarity between institutional and post-Keynesian economics: a literature review with a particular focus on methodology," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 40(2), pages 413-443, July.
  • Handle: RePEc:spr:epolit:v:40:y:2023:i:2:d:10.1007_s40888-023-00299-7
    DOI: 10.1007/s40888-023-00299-7
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    Keywords

    Institutional economics; Post-Keynesian economics; Methodology; Critical realism; Babylonian approach;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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