IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/98488.html
   My bibliography  Save this paper

Postkeynesianismus Ein heterodoxer Ansatz auf der Suche nach einer Fundierung
[Post Keynesianism - A heterodox Approach in Search of First Principles]

Author

Listed:
  • Heise, Arne

Abstract

This article takes an in-depth look at post-Keynesianism as a paradigmatic alternative to the dominant neoclassical mainstream. It quickly becomes clear that post-Keynesianism is not a unified school of thought, but rather an assortment of theoretical approaches that share certain methodological and epistemological similarities and characteristic postulates. The Article does not attempt to describe the full array of Kaleckian, Kaldorian and Sraffian variants of post-Keynesian theory but instead analysis the paradigmatic and formal structure of one particular form of post-Keynesianism, the monetary theory of production in order to reconstruct these characteristic postulates from the axiomatic core of post-Keynesianism. It then sets out the theory of market participation, an alternative theory of economic policy that builds on monetary production economics.

Suggested Citation

  • Heise, Arne, 2019. "Postkeynesianismus Ein heterodoxer Ansatz auf der Suche nach einer Fundierung [Post Keynesianism - A heterodox Approach in Search of First Principles]," MPRA Paper 98488, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:98488
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/98488/8/MPRA_paper_98488.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Felderer, Bernhard & Homburg, Stefan, 2005. "Makroökonomik und neue Makroökonomik: Kapitel I. Einige methodologische Überlegungen," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 92556, October.
    2. Arne Heise, 2017. "Walras' Law in the Context of Pre-Analytic Visions," Economic Thought, World Economics Association, vol. 6(1), pages 83-96, March.
    3. Mark Setterfield, 2006. "Effective Demand and Endogenous Money in a Path-Dependent Economy: Towards a ‘Moorian’ Credit Supply Curve – and a Reconciliation between Horizontalists and Structuralists?," Chapters, in: Mark Setterfield (ed.), Complexity, Endogenous Money and Macroeconomic Theory, chapter 6, Edward Elgar Publishing.
    4. Paul Davidson, 1994. "Post Keynesian Macroeconomic Theory," Books, Edward Elgar Publishing, number 124.
    5. Marc Lavoie, 2014. "Post-Keynesian Economics: New Foundations," Post-Print hal-01343652, HAL.
    6. Blanchard, Olivier Jean, 1990. "Why does money affect output? A survey," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 2, chapter 15, pages 779-835, Elsevier.
    7. Roger E.A. Farmer, 2017. "Post-Keynesian dynamic stochastic general equilibrium theory," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 173-185, September.
    8. Mark Setterfield (ed.), 2006. "Complexity, Endogenous Money and Macroeconomic Theory," Books, Edward Elgar Publishing, number 3552.
    9. Presley, John R, 1986. "J. M. Keynes and the Real Balance Effect," The Manchester School of Economic & Social Studies, University of Manchester, vol. 54(1), pages 22-30, March.
    10. Stephen P. Dunn, 2000. "Wither Post Keynesianism?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 22(3), pages 343-364, March.
    11. Toralf Pusch & Arne Heise, 2010. "Central banks, trade unions, and reputationâis there room for an expansionist maneuver in the European Union?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 33(1), pages 105-126, October.
    12. Arne HEISE, 2016. "‘Why has economics turned out this way?’ A socio-economic note on the explanation of monism in economics," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 10(1), pages 81-101, November.
    13. Arne Heise, 2006. "Limitations to Keynesian Demand Management through Monetary Policy: Whither Cartesian Policy Control?," Chapters, in: Mark Setterfield (ed.), Complexity, Endogenous Money and Macroeconomic Theory, chapter 18, Edward Elgar Publishing.
    14. Thomas I. Palley, 1996. "Post Keynesian Economics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37412-6, December.
    15. ., 2014. "Essentials of heterodox and post-Keynesian economics," Chapters, in: Post-Keynesian Economics, chapter 1, pages 1-71, Edward Elgar Publishing.
    16. Paul Davidson, 2005. "Responses to Lavoie, King, and Dow on what Post Keynesianism is and who is a Post Keynesian," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(3), pages 393-408.
    17. Arne Heise, 2009. "A Post Keynesian theory of economic policyâfilling a void," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 31(3), pages 383-401, April.
    18. Milka Kazandziska, 2016. "Macroeconomic Policy Regime In Poland," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 11(3), pages 411-436, September.
    19. Jo Michell & Jan Toporowski, 2013. "Critical Observations on Financialization and the Financial Process," International Journal of Political Economy, Taylor & Francis Journals, vol. 42(4), pages 67-82.
    20. L. R. Wray, 1990. "Money and Credit in Capitalist Economies," Books, Edward Elgar Publishing, number 474.
    21. Arestis, Philip, 1996. "Post-Keynesian Economics: Towards Coherence," Cambridge Journal of Economics, Oxford University Press, vol. 20(1), pages 111-135, January.
    22. repec:mhr:btrord:urn:isbn:9783163406810 is not listed on IDEAS
    23. Marc Lavoie, 2022. "Post-Keynesian Economics," Books, Edward Elgar Publishing, number 19900.
    24. Heise, Arne, 2016. "Walras' law in the context of pre-analytic visions: A note," ZÖSS-Discussion Papers 54, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    25. J. E. King, 2012. "Post Keynesians and Others," Review of Political Economy, Taylor & Francis Journals, vol. 24(2), pages 305-319, April.
    26. Pusch, Toralf & Heise, Arne, 2008. "Central Banks, Trade Unions and Reputation – Is there Room for an Expansionist Manoeuvre in the European Union?," MPRA Paper 19719, University Library of Munich, Germany.
    27. Giuseppe Fontana & Bill Gerrard, 2006. "The future of Post Keynesian economics," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 59(236), pages 49-80.
    28. Tony Lawson, 1999. "Connections and Distinctions: Post Keynesianism and Critical Realism," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 22(1), pages 3-14, September.
    29. Arne Heise, 2018. "Reclaiming the University: transforming economics as a discipline," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 11(2), pages 37-66, May.
    30. Bernice Shoul, 1957. "Karl Marx and Say's Law," The Quarterly Journal of Economics, Oxford University Press, vol. 71(4), pages 611-629.
    31. Palley, Thomas I, 1998. "Walras' Law and Keynesian Macroeconomics," Australian Economic Papers, Wiley Blackwell, vol. 37(3), pages 330-340, September.
    32. Therese Jefferson & J. E. King, 2010. "Can Post Keynesians make better use of behavioral economics?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 33(2), pages 211-234, January.
    33. Arne Heise, 1992. "Commercial Banks in Macroeconomic Theory," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 14(3), pages 285-296, March.
    34. Hamouda, Omar F & Harcourt, G C, 1988. "Post Keynesianism: From Criticism to Coherence?," Bulletin of Economic Research, Wiley Blackwell, vol. 40(1), pages 1-33, January.
    35. Jesus Felipe & J. S. L. McCombie, 2005. "How Sound are the Foundations of the Aggregate Production Function?," Eastern Economic Journal, Eastern Economic Association, vol. 31(3), pages 467-488, Summer.
    36. Paul Davidson, 2010. "Behavioral economists should make a turn and learn from Keynes and Post Keynesian economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 33(2), pages 251-254, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Heider Felix, 2020. "Die postkeynesianische Ökonomik in der Finanzethik des katholischen Sozialethikers Bernhard Emunds – Diskussion aus einer angebotsorientierten Perspektive," Journal for Markets and Ethics, Sciendo, vol. 8(2), pages 1-24, December.
    2. Troll, Alexander, 2023. "Orthodoxie und Heterodoxie in den Wirtschaftswissenschaften: Abgrenzung, Merkmale und Existenzberechtigung," ZÖSS-Discussion Papers 101, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Heise, Arne, 2019. "Post-Keynesian Economics - Challenging the Neo-Classical Mainstream," MPRA Paper 99280, University Library of Munich, Germany.
    2. Heise, Arne, 2018. "Reconciling Facts with Fiction, or: A Theoretical Speculation of why the Minimum Wage has no Discernible Effect on Employment," MPRA Paper 92483, University Library of Munich, Germany.
    3. Arne Heise, 2017. "Walras' Law in the Context of Pre-Analytic Visions," Economic Thought, World Economics Association, vol. 6(1), pages 83-96, March.
    4. 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.
    5. Heise, Arne, 2023. "Keynes and the drunkard under the lamp post: Making sense of Palley," ZÖSS-Discussion Papers 103, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    6. Hein, Eckhard, 2004. "Money, credit and the interest rate in Marx's economic. On the similarities of Marx's monetary analysis to Post-Keynesian economics," MPRA Paper 18608, University Library of Munich, Germany.
    7. Ioana Negru, 2013. "Revisiting the Concept of Schools of Thought in Economics: The Example of the Austrian School," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(4), pages 983-1008, October.
    8. Phil Armstrong, 2020. "Can Heterodox Economics Make a Difference?," Books, Edward Elgar Publishing, number 19964.
    9. Giuseppe Fontana & Bill Gerrard, 2006. "The future of Post Keynesian economics," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 59(236), pages 49-80.
    10. Eckhard Hein, 2005. "Money, Interest, and Capital Accumulation in Karl Marx’s," Method and Hist of Econ Thought 0501002, University Library of Munich, Germany.
    11. Hein, Eckhard, 2002. "Money, interest, and capital accumulation in Karl Marx's economics: A monetary interpretation," WSI Working Papers 102, The Institute of Economic and Social Research (WSI), Hans Böckler Foundation.
    12. 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.
    13. Eckhard Hein, 2006. "Money, interest and capital accumulationin Karl Marx's economics: a monetary interpretation and some similaritiesto post-Keynesian approaches," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(1), pages 113-140.
    14. Cavalieri, Duccio, 2015. "Structural interdependence in monetary economics: theoretical assessment and policy implications," MPRA Paper 65526, University Library of Munich, Germany.
    15. Lynne Chester & Joy Paton, 2013. "The economic–environment relation: can post-Keynesians, Régulationists and Polanyians offer insights?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 106-121.
    16. Mark Setterfield, 2014. "An essay on horizontalism, structuralism and historical time," Working Papers 1402, Trinity College, Department of Economics.
    17. Marc Lavoie, 2016. "Convergence Towards the Normal Rate of Capacity Utilization in Neo-Kaleckian Models: The Role of Non-Capacity Creating Autonomous Expenditures," Metroeconomica, Wiley Blackwell, vol. 67(1), pages 172-201, February.
    18. Charles J. Whalen, 2016. "Post-Keynesian economics: a pluralistic alternative to conventional economics," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 7(1), pages 22-38.
    19. Eckhard Hein, 2006. "Interest, Debt and Capital Accumulation—A Kaleckian Approach," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(3), pages 337-352.
    20. Giuseppe Fontana & Alfonso Palacio-Vera, 2002. "Monetary Policy Rules: What Are We Learning?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 24(4), pages 547-568, July.

    More about this item

    Keywords

    Postkeynesianismus; heterodoxe Ökonomik; Neoklassik; Paradigma;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:98488. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.