Anticipations of the Crisis: On the Similarities Between Post Keynesian Economics and Regulation Theory

Mark Setterfield

No 1007, Working Papers from Trinity College, Department of Economics

Abstract: The purpose of this paper is to explore the similarities between Post Keynesian Economics (PKE) and Regulation Theory (RT). It is argued that, despite important differences between these traditions, the analytical contents of PKE and RT display broad similarities with respect to their treatments of the income-generating process, the crisis-prone nature of capitalism, and the institutional contingency of capitalist growth and development. This thesis is then exemplified and substantiated with reference to the 2007—2009 financial crisis and “Great Recession”. Specifically, it is shown that important strands of both PKE and RT characterize and were successful in anticipating the crisis as the result of the exhaustion of a financialized growth process.

Keywords: Post Keynesian Economics; Regulation Theory; Great Recession; financial crisis (search for similar items in EconPapers)
JEL-codes: B50 E11 E12 E21 E24 (search for similar items in EconPapers)
Pages: 31 pages
Date: 2010-09
New Economics Papers: this item is included in nep-fdg, nep-hpe, nep-pke and nep-reg
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Citations: View citations in EconPapers (3)

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http://www3.trincoll.edu/repec/WorkingPapers2010/wp10-07.pdf First version, 2010 (application/pdf)

Related works:
Journal Article: Anticipations of the Crisis: On the Similarities between post-Keynesian Economics and Regulation Theory (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:tri:wpaper:1007

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