Post-Keynesian modelling: where are we, and where are we going to?

Sebastien Charles, Dany Lang and Angel Asensio

MPRA Paper from University Library of Munich, Germany

Abstract: This paper presents the current “state of the art” of Post-Keynesian modelling, as well as the most important issues raised by it. We first present a new formal statement of the Keynes' model, highlighting the importance of the “static model of a dynamic process”, and insisting on the influence of “true uncertainty” and of the “views concerning the future.” The paper then analyses the three most important classes of Post-Keynesian contemporary models: the Kaleckian models of growth; the Minskian models showing the destabilizing impacts of financial variables on the economy; and the path-dependant 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’ model, none of them encompasses all its rich and realistic properties, and a synthetic dynamic Post-Keynesian model is desirable, and has still to be framed. The main barriers to this synthesis are underlined.

Keywords: Post-Keynesian modelling; Keynes’ “static model of a dynamic process”; Kaleckian models; Minskian models; Models of path dependency (search for similar items in EconPapers)
JEL-codes: B40 E02 E12 E20 (search for similar items in EconPapers)
Date: 2010
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Related works:
Working Paper: Post Keynesian modeling: where are we, and where are we going to? (2014)
Journal Article: Post Keynesian modeling: where are we, and where are we going to? (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:30726

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