Heterodox Macroeconomics: Crotty's Integration of Keynes and Marx

Jonathan P. Goldstein
Additional contact information
Jonathan P. Goldstein: Department of Economics, 9700 College Station, Bowdoin College, Brunswick, ME 04011, jgoldste@bowdoin.edu

Review of Radical Political Economics, 2008, vol. 40, issue 3, 300-307

Abstract: While heterodox macroeconomic theories agree on a set of general principles, there is far less agreement on specific behavioral relations. With the goal of developing a more potent heterodox framework through the integration of Keynesian, Marxian, and institutionalist perspectives, I consider the seminal work of James Crotty. Crotty has developed the building blocks of an integrated heterodox macro theory that revolve around the nexus of the concepts of fundamental uncertainty, financial fragility, impatient finance, irreversible investment, adversarial class relations, the Marxian concept of competition, Marxian crisis theory, and effective demand. This integration considers numerous dichotomies/regime shifts that are useful for understanding the path of capitalist development.

Keywords: heterodox macroeconomics; effective demand and the distribution of income; financial fragility; long-run capitalist development (search for similar items in EconPapers)
Date: 2008
References: Add references at CitEc
Citations:

Downloads: (external link)
http://rrp.sagepub.com/content/40/3/300.abstract (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:40:y:2008:i:3:p:300-307

Access Statistics for this article

More articles in Review of Radical Political Economics from Union for Radical Political Economics
Bibliographic data for series maintained by SAGE Publications ().