Post-Keynesian Economics – A User’s Guide

Neil Hart and Peter Kriesler
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Neil Hart: Industrial Relations Research Centre, UNSW

No 2015-12, Discussion Papers from School of Economics, The University of New South Wales

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.

Keywords: Keynes; post-Keynesians; methodology; path dependency; economic policy (search for similar items in EconPapers)
JEL-codes: B2 B41 B5 D4 D5 E6 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2015-06
New Economics Papers: this item is included in nep-hme, nep-hpe, nep-mac and nep-pke
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Journal Article: Post-Keynesian Economics: A User's Guide (2015)
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