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Post-Keynesian Economics – A User’s Guide

Author

Listed:
  • Neil Hart

    (Industrial Relations Research Centre, UNSW)

  • Peter Kriesler

    (School of Economics, UNSW Business School, UNSW)

Abstract

This paper provides a brief introduction to post-Keynesian economics. Post-Keynesians are sceptical of the usefulness of the equilibrium method, and favour an approach based on path-determined models with, due to the influence of uncertainty on economic decisions, an important role assigned to money, institutions and rules of thumb. As there are no forces within capitalist economies which can guarantee full employment, government intervention is important. While monetary policy is seen as a rather blunt instrument, fiscal policy is perceived to be much more potent than it is in the mainstream. However, there are inherent limits to the achievement of sustained full employment in capitalist economies.

Suggested Citation

  • Neil Hart & Peter Kriesler, 2015. "Post-Keynesian Economics – A User’s Guide," Discussion Papers 2015-12, School of Economics, The University of New South Wales.
    • Handle: RePEc:swe:wpaper:2015-12
    as

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    File URL: http://research.economics.unsw.edu.au/RePEc/papers/2015-12.pdf
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    References listed on IDEAS

    as
    1. James Forder, 2000. "Central Bank Independence and Credibility: Is There a Shred of Evidence?," International Finance, Wiley Blackwell, vol. 3(1), pages 167-185, April.
    2. Philip Arestis, 1992. "The Post-Keynesian Approach to Economics," Books, Edward Elgar Publishing, number 16.
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    5. Palley,Thomas I., 2013. "From Financial Crisis to Stagnation," Cambridge Books, Cambridge University Press, number 9781107612464, September.
    6. George A. Akerlof, 2007. "The Missing Motivation in Macroeconomics," American Economic Review, American Economic Association, vol. 97(1), pages 5-36, March.
    7. repec:bla:intfin:v:3:y:2000:i:1:p:167-85 is not listed on IDEAS
    8. R. M. Goodwin, 1982. "Essays in Economic Dynamics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-05504-3, December.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Keynes; post-Keynesians; methodology; path dependency; economic policy;
    All these keywords.

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
    • D4 - Microeconomics - - Market Structure, Pricing, and Design
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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