Post-Keynesian macroeconomics since the mid 1990s: main developments

Eckhard Hein

European Journal of Economics and Economic Policies: Intervention, 2017, vol. 14, issue 2, 131-172

Abstract: In this paper the main developments in post-Keynesian macroeconomics since the mid 1990s will be reviewed. For this purpose the main differences between heterodox economics in general, including post-Keynesian economics, and orthodox economics will be reiterated and an overview of the strands of post-Keynesian economics, their commonalities and developments since the 1930s will be outlined. This will provide the grounds for touching upon three important areas of development and progress of post-Keynesian macroeconomics since the mid 1990s: first, the integration of distribution issues and distributional conflict into short- and long-run macroeconomics, both in theoretical and in empirical/applied works; second, the integrated analysis of money, finance and macroeconomics and its application to changing institutional and historical circumstances, such as the process of financialisation; and third, the development of full-blown macroeconomic models, providing alternatives to the mainstream ‘New Consensus Model’ (NCM), and allowing us to derive a full macroeconomic policy mix as a more convincing alternative to the one implied and proposed by the mainstream NCM, which has dramatically failed in the face of the recent crises.

Keywords: post-Keynesian macroeconomics; heterodox vs orthodox economics; pluralism in economics; distribution; money; finance; macroeconomics; macroeconomic policies (search for similar items in EconPapers)
JEL-codes: B22 E12 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (27)

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Related works:
Working Paper: Post-Keynesian macroeconomics since the mid-1990s - main developments (2017)
Working Paper: Post-Keynesian macroeconomics since the mid-1990s: Main developments (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:elg:ejeepi:v:14:y:2017:i:2:p131-172

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