Paul Davidson (1930-2024) and the founding of Post-Keynesian economics

James K. Galbraith (), Thomas Palley and Matias Venengo ()

No 105-2024, FMM Working Paper from IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute

Abstract: Paul Davidson was a critical figure in the preservation of John Maynard Keynes`s ideas, sticking with them when they were out of fashion. He was also key to the survival of the Post Keynesian school. Davidson endorsed Keynes`s liquidity preference theory of interest, and he emphasized fundamental uncertainty as a central feature of economic reality, essential to making sense of a monetary economy. His greatest legacy is the Journal of Post Keynesian Economics, the intellectual home for a generation of Post Keynesian economists. Without his efforts, the heterodox economics community would be significantly smaller than it is now.

Keywords: Paul Davidson; Keynes; liquidity preference; fundamental uncertainty; Journal of Post Keynesian Economics (search for similar items in EconPapers)
JEL-codes: B22 B31 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2024
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