IDEAS home Printed from https://ideas.repec.org/a/elg/ejeepi/v10y2013i1p12-27.html
   My bibliography  Save this article

Post-Keynesian Institutionalism after the Great Recession

Author

Listed:
  • Charles J. Whalen

    (Utica College)

Abstract

This article 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, against the backdrop of the current context, important research that paved the way for PKI today. Then it 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, 2013. "Post-Keynesian Institutionalism after the Great Recession," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 12-27.
    • Handle: RePEc:elg:ejeepi:v:10:y:2013:i:1:p12-27
    as

    Download full text from publisher

    File URL: http://www.elgaronline.com/view/journals/ejeep/10-1/ejeep.2013.01.03.xml
    Download Restriction: Restricted access
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Hyman P. Minsky, 1996. "Uncertainty and the Institutional Structure of Capitalist Economies," Journal of Economic Issues, Taylor & Francis Journals, vol. 30(2), pages 357-368, June.
    2. Ricardo J. Caballero, 2010. "Macroeconomics after the Crisis: Time to Deal with the Pretense-of-Knowledge Syndrome," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 85-102, Fall.
    3. Robert R. Keller, 1983. "Keynesian and Institutional Economics: Compatibility and Complementarity?," Journal of Economic Issues, Taylor & Francis Journals, vol. 17(4), pages 1087-1095, December.
    4. Minsky, Hyman P, 1969. "Private Sector Asset Management and the Effectiveness of Monetary Policy: Theory and Practice," Journal of Finance, American Finance Association, vol. 24(2), pages 223-238, May.
    5. William C. Brainard & James Tobin, 1968. "Pitfalls in Financial Model-Building," Cowles Foundation Discussion Papers 244, Cowles Foundation for Research in Economics, Yale University.
    6. Richard P.F. Holt & Steven Pressman & Clive L. Spash (ed.), 2009. "Post Keynesian and Ecological Economics," Books, Edward Elgar Publishing, number 12988.
    7. Dudley Dillard, 1980. "A Monetary Theory of Production: Keynes and the Institutionalists," Journal of Economic Issues, Taylor & Francis Journals, vol. 14(2), pages 255-273, June.
    8. Ray Marshall, 1983. "Comments on the Institutionalist View of Reaganomics," Journal of Economic Issues, Taylor & Francis Journals, vol. 17(2), pages 503-506, June.
    9. Linwood Tauheed, 2011. "A Proposed Methodological Synthesis of Post-Keynesian and Institutional Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 45(4), pages 819-838.
    10. Warren J. Samuels, 1989. "Some Fundamentals of the Economic Role of Government," Journal of Economic Issues, Taylor & Francis Journals, vol. 23(2), pages 427-433, June.
    11. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 209-223.
    12. David A. Zalewski, 2002. "Retirement Insecurity in the Age of Money-Manager Capitalism," Journal of Economic Issues, Taylor & Francis Journals, vol. 36(2), pages 349-356, June.
    13. Hyman P. Minsky & Charles J. Whalen, 1996. "Economic Insecurity and the Institutional Prerequisites for Successful Capitalism," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 19(2), pages 155-170, December.
    14. L. Randall Wray, 2009. "The rise and fall of money manager capitalism: a Minskian approach," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(4), pages 807-828, July.
    15. Gordon, Robert Aaron, 1976. "Rigor and Relevance in a Changing Institutional Setting," American Economic Review, American Economic Association, vol. 66(1), pages 1-14, March.
    16. Hyman P. Minsky & Charles J. Whalen, 1997. "Economic Insecurity and the Institutional Prerequisites for Successful Capitalism," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 19(2), pages 155-170, January.
    17. Eric Tymoigne, 2007. "A Hard-Nosed Look at Worsening U.S. Household Finance," Challenge, Taylor & Francis Journals, vol. 50(4), pages 88-111.
    18. Charles J. Whalen, 2002. "Money Manager Capitalism: Still Here, but Not Quite as Expected," Journal of Economic Issues, Taylor & Francis Journals, vol. 36(2), pages 401-406, June.
    19. Wallace C. Peterson, 1977. "Institutionalism, Keynes, and the Real World," Challenge, Taylor & Francis Journals, vol. 20(2), pages 22-32, May.
    20. W. Robert Brazelton, 1981. "Post Keynesian Economics: An Institutional Compatibility?," Journal of Economic Issues, Taylor & Francis Journals, vol. 15(2), pages 531-542, June.
    21. John Marangos & Charles J. Whalen, 2011. "Evolution without fundamental change: the Washington Consensus on economic development," Chapters, in: Charles J. Whalen (ed.), Financial Instability and Economic Security after the Great Recession, chapter 8, pages 153-178, Edward Elgar Publishing.
    22. Christian Weller & Kate Sabatini, 2007. "The Financial Vulnerability of Families," Challenge, Taylor & Francis Journals, vol. 50(3), pages 72-98.
    23. William Van Lear, 2002. "A Populist Challenge to Corporate Capitalism," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 4868, February.
    24. Chris Niggle, 2006. "Evolutionary Keynesianism: A Synthesis of Institutionalist and Post Keynesian Macroeconomics," Journal of Economic Issues, Taylor & Francis Journals, vol. 40(2), pages 405-412, June.
    25. John R. Commons, 1909. "American Shoemakers, 1648–1895 A Sketch of Industrial Evolution," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 24(1), pages 39-84.
    26. Marc Lavoie & Gennaro Zezza (ed.), 2012. "The Stock-Flow Consistent Approach," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-35384-8, March.
    27. Charles J. Whalen, 1997. "Money-Manager Capitalism and the End of Shared Prosperity," Journal of Economic Issues, Taylor & Francis Journals, vol. 31(2), pages 517-525, June.
    28. Wallace C. Peterson, 1977. "Institutionalism, Keynes, and the Real World," Journal of Economic Issues, Taylor & Francis Journals, vol. 11(2), pages 201-221, June.
    29. Zdravka Todorova, 2009. "Money and Households in a Capitalist Economy," Books, Edward Elgar Publishing, number 13178.
    30. Buiter, Willem, 2009. "The unfortunate uselessness of most ’state of the art’ academic monetary economics," MPRA Paper 58407, University Library of Munich, Germany, revised 06 Mar 2009.
    31. David Zalewski & Charles Whalen, 2010. "Financialization and Income Inequality: A Post Keynesian Institutionalist Analysis," Journal of Economic Issues, Taylor & Francis Journals, vol. 44(3), pages 757-777.
    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. Marc Lavoie, 2020. "Was Hyman Minsky a post-Keynesian economist?," Review of Evolutionary Political Economy, Springer, vol. 1(1), pages 85-101, May.
    2. 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.
    3. Charles J. Whalen, 2020. "Post-Keynesian institutionalism: past, present, and future," Evolutionary and Institutional Economics Review, Springer, vol. 17(1), pages 71-92, January.
    4. 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.

    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. Charles J. Whalen, 2020. "Post-Keynesian institutionalism: past, present, and future," Evolutionary and Institutional Economics Review, Springer, vol. 17(1), pages 71-92, January.
    2. Charles Whalen, 2008. "Toward ‘Wisely Managed’ Capitalism: Post-Keynesian Institutionalism and the Creative State," Forum for Social Economics, Taylor & Francis Journals, vol. 37(1), pages 43-60, January.
    3. Charles J. Whalen, 2012. "Post-Keynesian Institutionalism after the Great Recession," Economics Working Paper Archive wp_724, Levy Economics Institute.
    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. Charles J. Whalen, 2010. "An Institutionalist Perspective on the Global Financial Crisis," Chapters, in: Steven Kates (ed.), Macroeconomic Theory and its Failings, chapter 14, Edward Elgar Publishing.
    6. Glen Atkinson & Charles J. Whalen, 2011. "Futurity: cornerstone of Post Keynsian institutionalism," Chapters, in: Charles J. Whalen (ed.), Financial Instability and Economic Security after the Great Recession, chapter 3, pages 53-74, Edward Elgar Publishing.
    7. Charles Whalen, 2011. "Minsky Goes to Buffalo—and Takes on the Economics Establishment," Forum for Social Economics, Springer;The Association for Social Economics, vol. 40(2), pages 273-280, July.
    8. Whalen Charles J., 2017. "Understanding financialization: standing on the shoulders of Minsky," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 13(2), pages 45-61, December.
    9. Charles J. Whalen, 2017. "Understanding Financialization: Standing on the Shoulders of Minsky," Economics Working Paper Archive wp_892, Levy Economics Institute.
    10. Charles Whalen, 2008. "Understanding the Credit Crunch as a Minsky Moment," Challenge, Taylor & Francis Journals, vol. 51(1), pages 91-109.
    11. Charles Whalen, 2011. "Minsky Goes to Buffalo—and Takes on the Economics Establishment," Forum for Social Economics, Taylor & Francis Journals, vol. 40(2), pages 273-280, January.
    12. Hein, Eckhard & Dodig, Nina & Budyldina, Natalia, 2014. "Financial, economic and social systems: French Regulation School, Social Structures of Accumulation and Post-Keynesian approaches compared," IPE Working Papers 34/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    13. Jan Toporowski, 2013. "The Elgar Companion to Hyman Minsky," Review of Political Economy, Taylor & Francis Journals, vol. 25(1), pages 175-177, January.
    14. W. Robert Brazelton & Charles J. Whalen, 2011. "Towards a synthesis of Institutional and Post Keynsian economics," Chapters, in: Charles J. Whalen (ed.), Financial Instability and Economic Security after the Great Recession, chapter 2, pages 28-52, Edward Elgar Publishing.
    15. Charles J. Whalen (ed.), 2011. "Financial Instability and Economic Security after the Great Recession," Books, Edward Elgar Publishing, number 14489.
    16. Charles J. Whalen, 2011. "The future of Post-Keynesian Institutionalism," Chapters, in: Charles J. Whalen (ed.), Financial Instability and Economic Security after the Great Recession, chapter 10, pages 205-210, Edward Elgar Publishing.
    17. 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.
    18. Pessali, Huascar, 2006. "Nano-fundamentos da macroeconomia: Keynes e o institucionalismo na Teoria Geral [Nanofoundations of macroeconomics: Keynes and the institutional elements in the General Theory]," MPRA Paper 5017, University Library of Munich, Germany, revised 01 Dec 2006.
    19. Charles J. Whalen, 2012. "Money manager capitalism," Chapters, in: Jan Toporowski & Jo Michell (ed.), Handbook of Critical Issues in Finance, chapter 34, pages i-ii, Edward Elgar Publishing.
    20. Eugenio Caverzasi, 2012. "From the Financial Instability Hypothesis to the theory of Capital Market Inflation: a structural interpretation of the sub-prime crisis," DEM Working Papers Series 018, University of Pavia, Department of Economics and Management.

    More about this item

    Keywords

    Post-Keynesian Institutionalism; institutional economics; post-Keynesian economics; financial instability; money manager capitalism; Hyman Minsky;
    All these keywords.

    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; Modern Monetary Theory;
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

    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:elg:ejeepi:v:10:y:2013:i:1:p12-27. 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: Phillip Thompson (email available below). General contact details of provider: http://www.elgaronline.com/ejeep .

    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.