Currency in a common research program for post-keynesianism and neo-ricardianism

Marc Lavoie

Brazilian Journal of Political Economy, 1992, vol. 12, issue 3, 425-447

Abstract: An attempt is made to differentiate neoclassical theory from a synthesis ofpost-keynesianism and neo-ricardianism, called here post-classical theory. The neoclassicalresearch program relies on four essentials: instrumentalism, individualism, exchange, andunbounded rationality. The post-classical program (which also includes institutionalists andradicals) relies on the opposite essentials: realism, organicism, production, and proceduralrationality. Monetary theory is given as a case example of these dichotomies. It is shown thatpost-Keynesians and neo-Ricardians have convergent views on the endogeneity of moneyand the conventional character of interest rates. JEL Classification: B41; B24.

Keywords: Economic methodology; post-Keynesianism; neoricardianism (search for similar items in EconPapers)
Date: 1992
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