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An Introduction to Post Keynesian Economics

John T. Harvey

The American Economist, 2016, vol. 61, issue 2, 140-156

Abstract: Post Keynesian economics is based on the economics of John Maynard Keynes. Unlike Keynesianism, it does not rely on rigidities or imperfections to explain less-than-full employment, a condition that they argue is the rule rather than the exception. One key implication of this is that Post Keynesians do not view economics as being the science of scarcity. In the real world, our most difficult challenge is related to the pervasive and chronic abundance of one particular resource: labor. The consequences of this abundance are significant, widespread, and avoidable. This article explains how they come to such a conclusion.

Keywords: Keynes; post Keynesian; unemployment; general theory; heterodox (search for similar items in EconPapers)
JEL-codes: E12 E24 E32 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1177/0569434516652038

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