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Anticipations of the Crisis: On the Similarities Between Post Keynesian Economics and Regulation Theory

Listed author(s):
  • Mark Setterfield

    ()

    (Department of Economics, Trinity College)

The purpose of this paper is to explore the similarities between Post Keynesian Economics (PKE) and Regulation Theory (RT). It is argued that, despite important differences between these traditions, the analytical contents of PKE and RT display broad similarities with respect to their treatments of the income-generating process, the crisis-prone nature of capitalism, and the institutional contingency of capitalist growth and development. This thesis is then exemplified and substantiated with reference to the 2007—2009 financial crisis and “Great Recession”. Specifically, it is shown that important strands of both PKE and RT characterize and were successful in anticipating the crisis as the result of the exhaustion of a financialized growth process.

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File URL: http://internet2.trincoll.edu/repec/WorkingPapers2010/wp10-07.pdf
File Function: First version, 2010
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Paper provided by Trinity College, Department of Economics in its series Working Papers with number 1007.

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Length: 31 pages
Date of creation: Sep 2010
Handle: RePEc:tri:wpaper:1007
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Web page: http://www.trincoll.edu/Academics/MajorsAndMinors/Economics/Pages/default.aspx

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  11. Victor D. Lippit, 1997. "The Reconstruction of a Social Structure of Accumulation in the United States," Review of Radical Political Economics, Union for Radical Political Economics, vol. 29(3), pages 11-21, September.
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  13. Setterfield, Mark, 2007. "The rise, decline and rise of incomes policies in the US during the post-war era: an institutional-analytical explanation of inflation and the functional distribution of income," Journal of Institutional Economics, Cambridge University Press, vol. 3(02), pages 127-146, August.
  14. Pascal Petit, 1999. "Structural Forms and Growth Regimes of the Post-Fordist Era," Review of Social Economy, Taylor & Francis Journals, vol. 57(2), pages 220-243.
  15. Kregel, J A, 1976. "Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians," Economic Journal, Royal Economic Society, vol. 86(342), pages 209-225, June.
  16. Hodgson, Geoffrey & Labrousse, Agnès & Vercueil, Julien, 2008. "Fostering Variety in Economics. Interview with Geoffrey Hodgson," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 2.
  17. Duncan K. Foley & Thomas R. Michl, 2010. "The Classical Theory of Growth and Distribution," Chapters,in: Handbook of Alternative Theories of Economic Growth, chapter 2 Edward Elgar Publishing.
  18. 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.
  19. 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.
  20. Soon Ryoo & Peter Skott, 2008. "Financialization in Kaleckian Economies with and without Labor Constraints," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 5(2), pages 357-386.
  21. David M. Kotz, 2008. "Contradictions of Economic Growth in the Neoliberal Era: Accumulation and Crisis in the Contemporary U.S. Economy," Review of Radical Political Economics, Union for Radical Political Economics, vol. 40(2), pages 174-188, June.
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  23. Mark Setterfield & John Cornwall, 2002. "A Neo-Kaldorian Perspective on the Rise and Decline of the Golden Age," Chapters,in: The Economics of Demand-Led Growth, chapter 5 Edward Elgar Publishing.
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