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Post Keynesianism, Heterodoxy and Mainstream Economics

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  • David Dequech

Abstract

After briefly presenting the concepts of orthodox, mainstream and heterodox economics, and applying them to the contemporary period, this article discusses the Post Keynesian school and its relation to contemporary orthodox and mainstream economics. While opposed to the neoclassical orthodoxy, the Post Keynesian school has some positive unifying ideas, although some internal tensions remain. There are also some overlaps between Post Keynesianism and other approaches, and a careful combination of contributions from different approaches and different disciplines is not only possible, but also necessary. Post Keynesianism is located outside current mainstream economics, although this argument partly depends on a more precise specification of the concept of uncertainty. The non-mainstream character of Post Keynesian economics has at least two types of important implications. The first involves the approach's ability to influence the economy and the danger of ‘the scholastic fallacy’; the second refers to a reproductive difficulty inside academia.

Suggested Citation

  • David Dequech, 2012. "Post Keynesianism, Heterodoxy and Mainstream Economics," Review of Political Economy, Taylor & Francis Journals, vol. 24(2), pages 353-368, April.
    • Handle: RePEc:taf:revpoe:v:24:y:2012:i:2:p:353-368
    DOI: 10.1080/09538259.2012.664364
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    References listed on IDEAS

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    1. Philip Arestis, 1992. "The Post-Keynesian Approach to Economics," Books, Edward Elgar Publishing, number 16.
    2. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters, in: Understanding the Process of Economic Change, Princeton University Press.
    3. Paul Davidson, 1978. "Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15865-2, April.
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    Cited by:

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    2. 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.
    3. Adem LEVENT, 2016. "Power, Market and Techno-Structure in John Kenneth Galbraith’s Thought," Journal of Social and Administrative Sciences, KSP Journals, vol. 3(2), pages 214-218, June.
    4. Carolina Alves, 2026. "Theory and realism in economics: Richard R. Nelson, equilibrium and economic change," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 53(1), pages 95-113, March.
    5. Jo, Tae-Hee, 2016. "The Social Provisioning Process and Heterodox Economics," MPRA Paper 72384, University Library of Munich, Germany.
    6. Correa Romar, 2015. "The Coordination Problem in the Stockholm School," Journal of Heterodox Economics, Paradigm, vol. 2(2), pages 138-150, December.
    7. Eckhard Hein, 2017. "Post-Keynesian macroeconomics since the mid 1990s: main developments," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 131-172, September.
    8. Louis-Philippe Rochon, 2023. "THE FUTURE OF POST-KEYNESIAN ECONOMICS: Post-Keynesian Economics at 50," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 16(1), pages 254-279, Annual.
    9. Faik Bilgili, 2018. "Piyasa Ekonomisine Geçiþ Süreci ve Sonrasýnda Türkiye'de GINI Katsayýlarýnýn Analizi: Alternatif GINI Formülü Yaklaþýmý," Isletme ve Iktisat Calismalari Dergisi, Econjournals, vol. 6(1), pages 36-58.
    10. Reinke, Rouven, 2021. "Das Verhältnis von neuer Wirtschaftssoziologie und moderner Volkswirtschaftslehre: Möglichkeiten und Grenzen einer soziologischen Kritik am (neoklassischen) Mainstream," ZÖSS-Discussion Papers 83, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    11. Bilgili, Faik, 2017. "Piyasa ekonomisine geçiş süreci ve sonrasında Türkiye'de GINI katsayılarının analizi: Alternatif GINI formülü yaklaşımı [During and after the process of transition to market economy, an analysis of income distribution in Turkey: An alternative GIN," MPRA Paper 81043, University Library of Munich, Germany.

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