A Post Keynesian Positive Contribution to Theory

Louise Davidson

Chapter 4 in Uncertainty, International Money, Employment and Theory, 1999, pp 59-63 from Palgrave Macmillan

Abstract: Abstract Much of the Post Keynesian literature of the last two decades, including some that I have contributed to, is devoted to demonstrating the analytical shortcomings of orthodox neoclassical theory. This negative literature has played an important role in making even orthodox economists aware of the severe limitations of neoclassical theory and its resultant policy pronouncements. Some neoclassical scholars have grudgingly admitted the value of this negative Post Keynesian literature, while stubbornly refusing to admit that Post Keynesian theory has made any positive contributions to ‘Theory’. For example, James Tobin has written: A school of self-styled post-Keynesians regard any synthesis or reconciliation, in substance or language, of Keynes and neoclassical economics, as a betrayal of the revolution. They reject equilibrium analysis altogether, stress the historical, institutional, and evolutionary aspects of economic development, and emphasize the macroeconomic implications of the noncompetitive structure of modern economies. Their valid points do not add up to a coherent theory. (Tobin, 1985, p. 115, emphasis added)

Keywords: Income Elasticity; Orthodox Economist; Macroeconomic Implication; Post Keynesian Economic; Payment Equilibrium (search for similar items in EconPapers)
Date: 1999
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

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:pal:palchp:978-1-349-14991-9_4

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349149919

DOI: 10.1007/978-1-349-14991-9_4

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().