Post-Keynesian Thought

Abstract

The approaches to political economy which reflect post-Keynesian thought are there partly for historical reasons and, partly, because of logical associations. Post-Keynesianism is an extremely broad church. The overlaps at each end of a long spectrum of views are marginal, reflecting little more than a shared hostility towards mainstream neoclassical economics and methodology, IS/LM Keynesianism and the ‘fix-price’ Keynesianism of the ‘New Keynesians’ and certain French economists. Some post-Keynesians are working actively towards a synthesis of the principal strands. Others regard the search for a synthesis, for a general all-embracing structure, as a profound mistake; to quote Joan Robinson, a founding mother, a misguided attempt to replace ‘one box of tricks’ by another. Post-Keynesianism should be a situation-and-issue-specific method of doing political economy, a ‘horses for courses’ approach, itself an all-embracing structure at the methodological level. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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