Challenges for post-Keynesian macroeconomics

Peter Skott ()
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Peter Skott: University of Massachusetts - Amherst

UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics

Abstract: Post-Keynesian macroeconomics faces several challenges. The labor market and the supply side, first, have not been getting the attention that they deserve in post-Keynesian growth theory. The failings of the Lucas-type microeconomic foundations, second, must not lead to a neglect of microeconomic behavior. Convincing macroeconomic theories must recognize and address the connections between macroeconomic relations and the microeconomic behavior whose aggregate manifestation the relations represent. Microeconomic behavior, third, takes place within an institutional structure that shapes economic behavior and economic outcomes. Macroeconomic theory must be both behavioral and structuralist.

Keywords: Neo-Pasinetti theorem; mature economy; induced technical change; autonomous demand; instability; goal orientation (search for similar items in EconPapers)
JEL-codes: E12 (search for similar items in EconPapers)
Date: 2018
New Economics Papers: this item is included in nep-hpe, nep-mac and nep-pke
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Citations: View citations in EconPapers (2)

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