On the compatibility of post-Keynesian, Sraffian and evolutionary economics

In attempting to understand the economy, different traditions within political economy emphasise disparate fundamentals and have quite contrasting visions. One important question is the extent to which these traditions may be compatible and may complement each other. The chapter outlines the defining elements of post-Keynesian economics, which are: the denial of the validity or usefulness of general theory; the view of the economy as a historical process, with the unchangeable past influencing the present, hence the key role of uncertainty; concern with historical time, the future is uncertain and expectations have a significant and unavoidable impact on economic events; the importance of institutions and social and political forces in shaping economic events; the central role of effective demand and of money/finance in determining the levels of employment and output. These are then used to consider the compatibility of post-Keynesian economics with Sraffian and evolutionary economics.