Joan Robinson and the reconstruction of economic theory

Nuno Ornelas

Cambridge Journal of Economics, 2023, vol. 47, issue 5, 883-907

Abstract: Joan Robinson provided numerous contributions to economic theory, ranging from her earlier approach to imperfect competition to her participation in the Keynesian revolution, which had a significant influence in the Cambridge heterodox wing, and Post-Keynesianism. But towards the end of her life, her rejection of received theories was great enough to be often interpreted as a form of theoretical nihilism. However, at this stage she also outlined a radical project for a reconstruction of economic theory, drawing on her notion of historical time, while placing distribution at the centre of economic theory. This later project of a reconstruction of economic theory is revisited here, focussing on the various difficulties it faced, and its overall significance and impact.

Keywords: Economic theory; Economic methodology; Distribution; Circular flow; Historical time (search for similar items in EconPapers)
Date: 2023
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