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Post-Keynesian Institutionalism after the Great Recession


  • Charles J. Whalen


This paper surveys the context and contours of contemporary Post-Keynesian Institutionalism (PKI). It begins by reviewing recent criticism of conventional economics by prominent economists as well as examining, within the current context, important research that paved the way for PKI. It then sketches essential elements of PKI--drawing heavily on the contributions of Hyman Minsky--and identifies directions for future research. Although there is much room for further development, PKI offers a promising starting point for economics after the Great Recession.

Suggested Citation

  • Charles J. Whalen, 2012. "Post-Keynesian Institutionalism after the Great Recession," Economics Working Paper Archive wp_724, Levy Economics Institute.
  • Handle: RePEc:lev:wrkpap:wp_724

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    1. repec:mes:jeciss:v:39:y:2005:i:2:p:326-334 is not listed on IDEAS
    2. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, Oxford University Press, vol. 51(2), pages 209-223.
    3. Charles J. Whalen (ed.), 2011. "Financial Instability and Economic Security after the Great Recession," Books, Edward Elgar Publishing, number 14489.
    4. L. Randall Wray, 2009. "The rise and fall of money manager capitalism: a Minskian approach," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 807-828, July.
    5. John Marangos & Charles J. Whalen, 2011. "Evolution without fundamental change: the Washington Consensus on economic development," Chapters,in: Financial Instability and Economic Security after the Great Recession, chapter 8, pages 153-178 Edward Elgar Publishing.
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    Cited by:

    1. Frederick Betz, 2014. "Cross-Disciplinary Economic Theory," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 5(4), pages 820-840, December.

    More about this item


    Post-Keynesian Institutionalism; Institutional Economics; Post-Keynesian Economics; Financial Instability; Money-Manager Capitalism; Hyman Minsky;

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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