Compatibility and complementarity between institutional and post-Keynesian economics: a literature review with a particular focus on methodology

Eduardo Fernández-Huerga (), Ana Pardo () and Ana Salvador ()
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Eduardo Fernández-Huerga: Universidad de León
Ana Pardo: Universidad de León
Ana Salvador: Universidad de León

Economia Politica: Journal of Analytical and Institutional Economics, 2023, vol. 40, issue 2, No 2, 413-443

Abstract: Abstract The objective of this article is to carry out a review of the links between institutional and post-Keynesian economics, in order to raise the possible compatibility and even complementarity between the two branches of economic thought. To this end, we first review the question of compatibility from the perspective of institutional economics and then from the post-keynesian standpoint. Next, methodological issues are addressed by presenting the essential elements that characterize post-keynesian and institutional methodology (and internal debates in this regard) and then by describing the areas of compatibility between the two. The final section presents the main conclusions and summarizes the basic elements that could constitute a theoretical framework of synthesis between institutional and post-keynesian economics.

Keywords: Institutional economics; Post-Keynesian economics; Methodology; Critical realism; Babylonian approach (search for similar items in EconPapers)
JEL-codes: B41 B52 B59 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s40888-023-00299-7

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