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

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.

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