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Why Post Keynesianism is not yet a science

  • Kakarot-Handtke, Egmont

In a programmatic article Alfred Eichner explained, from a Post Keynesian perspective, why neoclassical economics is not yet a science. This was some time ago and one would expect that Post Keynesianism, with a heightened awareness of scientific standards, has done much better than alternative approaches in the meantime. There is wide agreement that this is not the case. Explanations, though, differ widely. The present – strictly formal – inquiry identifies an elementary logical flaw. This strengthens the argument that the Post Keynesian motto ‘it is better to be roughly right than precisely wrong!’ is methodologically indefensible.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 43171.

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Date of creation: Sep 2012
Date of revision:
Handle: RePEc:pra:mprapa:43171
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  1. Kakarot-Handtke, Egmont, 2012. "The emergence of profit and interest in the monetary circuit," MPRA Paper 43241, University Library of Munich, Germany.
  2. Coddington, Alan, 1976. "Keynesian Economics: The Search for First Principles," Journal of Economic Literature, American Economic Association, vol. 14(4), pages 1258-73, December.
  3. Kakarot-Handtke, Egmont, 2012. "The common error of common sense: an essential rectification of the accounting approach," MPRA Paper 43196, University Library of Munich, Germany.
  4. Sheila C. Dow, 2005. "Axioms and Babylonian thought: a reply," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 27(3), pages 385-391, April.
  5. A. P. Lerner, 1938. "Saving Equals Investment," The Quarterly Journal of Economics, Oxford University Press, vol. 52(2), pages 297-309.
  6. Tomasson, Gunnar & Bezemer, Dirk J, 2010. "What is the Source of Profit and Interest? A Classical Conundrum Reconsidered," MPRA Paper 20320, University Library of Munich, Germany.
  7. Marek Hudik, 2011. "Why economics is not a science of behaviour," Journal of Economic Methodology, Taylor & Francis Journals, vol. 18(2), pages 147-162.
  8. Kakarot-Handtke, Egmont, 2011. "Reconstructing the Quantity Theory (II)," MPRA Paper 32542, University Library of Munich, Germany.
  9. T.A. Boylan & P.F. O'Gorman, 2007. "Axiomatization And Formalism In Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 21(3), pages 426-446, 07.
  10. Laidler,David, 1999. "Fabricating the Keynesian Revolution," Cambridge Books, Cambridge University Press, number 9780521645966.
  11. F. A. Lutz, 1938. "The Outcome of the Saving-Investment Discussion," The Quarterly Journal of Economics, Oxford University Press, vol. 52(4), pages 588-614.
  12. Roy J. Rotheim, 1981. "Keynes' Monetary Theory of Value (1933)," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 3(4), pages 568-585, July.
  13. David Colander, 1995. "Marshallian General Equilibrium Analysis," Eastern Economic Journal, Eastern Economic Association, vol. 21(3), pages 281-293, Summer.
  14. Kakarot-Handtke, Egmont, 2011. "Primary and secondary markets," MPRA Paper 32996, University Library of Munich, Germany.
  15. Eichner, Alfred S & Kregel, J A, 1975. "An Essay on Post-Keynesian Theory: A New Paradigm in Economics," Journal of Economic Literature, American Economic Association, vol. 13(4), pages 1293-1314, December.
  16. Gerschenkron, Alexander, 1969. "History of Economic Doctrines and Economic History," American Economic Review, American Economic Association, vol. 59(2), pages 1-17, May.
  17. Kakarot-Handtke, Egmont, 2011. "Squaring the investment cycle," MPRA Paper 32895, University Library of Munich, Germany.
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