Keynes, Kalecki, and Minsky – Post Keynesian champions in comparison or: joining forces, horses for courses or the necessity of discrimination?

Arne Heise

The Journal of Philosophical Economics, 2025, vol. 18, issue 1, 203-234

Abstract: The effort to pluralise economics requires informed choices about paradigms, understanding their features and affiliations. Theories must be compared based on their paradigmatic localisation. A hermeneutic analysis challenges the view that Keynes, Kalecki, and Minsky share a unified Post Keynesian paradigm. Kalecki’s closed system contrasts with Keynes’s open system, suggesting Kalecki may share structural similarities with newKeynesian models. Minsky, however, shares Keynes’s open system ontology. This indicates that ‘Post Keynesianism’ may misleadingly suggest coherence where significant differences exist.

Keywords: Keynes’s economics; Kalecki’s economics; Minsky’s economics; paradigms (search for similar items in EconPapers)
JEL-codes: B4 Z1 (search for similar items in EconPapers)
Date: 2025
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Working Paper: Keynes, Kalecki and Minsky - Post Keynesian champions in comparison or: Joining forces, horses for courses or the necessity of discrimination? (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:bus:jphile:v:18:y:2025:i:1:n:6

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