Anticipations of the Crisis: On the Similarities between post-Keynesian Economics and Regulation Theory

Mark Setterfield

Revue de la Régulation - Capitalisme, institutions, pouvoirs, 2011, vol. 10

Abstract: This paper explores the similarities between post-Keynesian Economics (PKE) and Regulation Theory (RT). It is argued that, despite important differences between these traditions, the analytical contents of PKE and RT display broad similarities with respect to their treatments of the income-generating process, the crisis-prone nature of capitalism, and the institutional contingency of capitalist growth and development. This thesis is then exemplified and substantiated with reference to the 2007—2009 financial crisis and “Great Recession”. Specifically, it is shown that important strands of both PKE and RT characterize and were successful in anticipating the crisis as resulting from the exhaustion of a financialized growth process.

Keywords: financial crisis; Great Recession; post-Keynesian Economics; Regulation Theory; crise financière; économistes post-keynésiens; grande récession; théorie de la régulation; crisis financiera; economistas post-keynesianos; gran recesión; teoría de la regulación (search for similar items in EconPapers)
JEL-codes: B50 E11 E12 E21 E24 (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

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Working Paper: Anticipations of the Crisis: On the Similarities Between Post Keynesian Economics and Regulation Theory (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:rvr:journl:2011:9366

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