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

Angel Asensio (), Dany Lang and Sebastien Charles
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Angel Asensio: CEPN - Centre d'Economie de l'Université Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord
Authors registered in the RePEc Author Service: Edwin Le Héron

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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.

Keywords: Kaleckian models; Minskian models; path dependency; Post Keynesian modeling (search for similar items in EconPapers)
Date: 2014-12-09
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Published in Journal of Post Keynesian Economics, 2014

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Related works:
Journal Article: Post Keynesian modeling: where are we, and where are we going to? (2012)
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:hal:journl:hal-01366008

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