The Post Keynesian alternative for the Russian economy

Soltan S. Dzarasov

Journal of Post Keynesian Economics, 2010, vol. 33, issue 1, 17-40

Abstract: This paper is focused on Post Keynesian economics as an alternative perspective on the modern Russian economy. Neoclassical foundations of the radical market reforms in the former USSR are analyzed, and their perilous effects on economy and population are demonstrated. Post Keynesianism is treated as a viable and coherent alternative to neoclassical orthodoxy. The contribution to this body of thought of Keynes, Kalecki, Robinson, Sraffa, and some others is recognized. The historical, cultural, and socioeconomic conditions specific to Russia are considered as insurmountable obstacles for any neoclassical reforms agenda. The paper discusses ten Post Keynesian models that fit to Russian conditions, particularly when they are synthesized with some insights of economists from this country. Taken as a whole, Russian experience in building capitalism is viewed as a unique experiment testing the validity of neoclassical economics with disastrous results that vindicate the Post Keynesian alternative.

Keywords: market reforms in Russia; neoclassical economics; Post Keynesianism; transition economies (search for similar items in EconPapers)
Date: 2010
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