Post Keynesian modeling: where are we, and where are we going to?

Angel Asensio, Dany Lang and Sebastien Charles

Journal of Post Keynesian Economics, 2012, vol. 34, issue 3, 393-412

Abstract: This paper presents the current "state of the art" of Post Keynesian modeling, as well as the most important issues raised by it. We first present a new formal statement of Keynes's model. We then analyze the three most important classes of Post Keynesian contemporary models: the Kaleckian models of growth, the Minskian models showing the destabilizing effects of financial variables on the economy, and the path-dependent models insisting on the nature of time in economics, and on the absence of any "natural" anchor. We argue that, whereas the current Post Keynesian models have a lot in common with Keynes's model, none of them encompass all its rich and realistic properties, and a synthetic dynamic Post Keynesian model is desirable, and has still to be framed.

Date: 2012
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Related works:
Working Paper: Post Keynesian modeling: where are we, and where are we going to? (2014)
Working Paper: Post-Keynesian modelling: where are we, and where are we going to? (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:mes:postke:v:34:y:2012:i:3:p:393-412

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DOI: 10.2753/PKE0160-3477340301

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