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on Post Keynesian Economics |
| By: | Hein, Eckhard |
| Abstract: | This contribution reviews key developments in Kaleckian economics after Kalecki, with a focus on its application to mature capitalist economies. Rather than revisiting interpretations of Kalecki's original work, the contribution highlights subsequent theoretical and empirical extensions. It begins with Josef Steindl's foundational role in shaping Kaleckian economics, and then explores two major areas: distribution and growth models, and conflict inflation models, which have evolved considerably since the 1970s. The survey demonstrates that Kaleckian economics, as major strand of post-Keynesian economics, provides a coherent and consistent alternative to mainstream approaches, grounded in the principles of effective demand and distributional conflict, with a wide range of applications. While comprehensive within its chosen scope, the paper does not address Kaleckian contributions in areas such as pricing beyond Steindl, development economics, or post-capitalist economics, which would merit separate treatments. |
| Keywords: | Kaleckian economics, post-Keynesian economics, Josef Steindl, distribution and growth, conflict inflation |
| JEL: | B22 B59 E12 E31 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ipewps:323943 |
| By: | Davis, John B. (Department of Economics Marquette University); (Department of Economics Marquette University) |
| Abstract: | Compares the mainstream and Institutional and evolutionary economics views of individual and collective behavior. Describes the methodological assumptions for each. Distinguishes the two opposed approaches conceptions of time they employ. Explains the role social identity applies in explaining two opposed approaches adopt different conceptions of time. Closes with an explanatory dilemma the subject creates. |
| Keywords: | individual behavior, collective behavior, mainstream econonmics, Institutional and evolutionary economics |
| JEL: | B31 B41 B52 |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:mrq:wpaper:2025-04 |
| By: | Palma, J. G |
| Abstract: | The 1980s neo-liberal reforms led the West - both developed and Latin America - to capitulate to rentiers at the worst possible time, given the challenges of rapid technological change and evolving world order. Instead of productive flexibilities (Ã la emerging Asia), they delivered a 'neo-liberal trap' with its Ricardian growth-retarding rentier trilogy: a 'market inequality-augmenting, investment-weakening, and productivity growth-retarding' scenario. What these reforms actually did was to turn loose the 'uncreative-destructiveness' of a rentier-based accumulation by indiscriminately strengthening rentiers' property-rights, which allowed them to build an economy and a political settlement - even an ideology - in their own image. In such distorted markets, technological change and international trade could create market opportunities, but not the necessary 'compulsions' to be taken up. Following Geoff Harcourt's lead, I analyse this returning to 'classical economics'; in my case, to a broad Ricardian perspective on rents and rentiers. Emerging Asia, meanwhile, was able to take these opportunities by redirecting rentiers' income towards socially desirable investment strategies - aimed at 'demand adapt' and 'supply upgrade' their productive strategies. Bretton Woods was a guide. But in the West, as rentiers gained the upper hand, the resulting process of 'rentierisation' - of which financialisation is just one, although leading, aspect - is now proving as toxic for inequality, investment and productivity-growth as it is for our democracy. |
| Keywords: | David Ricardo, Inequality, Investment, Productivity, Rents, Rentiers |
| JEL: | B00 E02 N10 O47 Q02 |
| Date: | 2025–08–18 |
| URL: | https://d.repec.org/n?u=RePEc:cam:camdae:2553 |
| By: | Woodgate, Ryan |
| Abstract: | This paper develops a novel conflict inflation model to unify the analysis of stable and explosive inflation dynamics, addressing a central theoretical divide in the literature. After providing explicit foundations for wage and price setting behaviour, it is shown that inflation expectations interact multiplicatively with the aspiration gaps of workers and firms rather than add linearly to them as in previous models. As aspiration gaps grow and inflation rises, the conflicting claims of workers and firms accelerate rather than rise steadily. This is reflected in nonlinear wage and price inflation curves whose vertical asymptotes reflect what we call the barrier wages of workers and firms-the critical values of the real wage at which workers and firms are able to resist any further increases in their aspiration gap by matching any rate of inflation. Stable inflationary-distributional outcomes follow only when the barrier wage of workers remains below that of firms. Runaway exchange rate depreciation caused by a balance-of-payments crisis is shown to lead to the collision of barrier wages and thus hyperinflation within the model in a way that is fully consistent with some stylised facts of hyperinflation. The model thus explains how explosive inflation may take hold, what the limits to stable distributional outcomes are, and how a stable inflation regime may evolve into an unstable one, all while maintaining the parsimony of the simple linear conflict inflation models. |
| Keywords: | Inflation, distribution, stability, hyperinflation, balance of payments |
| JEL: | D33 E31 E12 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ipewps:323942 |
| By: | William Milberg (Department of Economics, New School For Social Research, USA); Lauren Johnston (Department of Economics, New School For Social Research, USA) |
| Date: | 2025–08 |
| URL: | https://d.repec.org/n?u=RePEc:new:wpaper:2512 |
| By: | Henrekson, Magnus (Research Institute of Industrial Economics (IFN)); Jonung, Lars (Department of Economics, Lund University); Lundahl, Mats (Development Economics, Stockholm School of Economics) |
| Abstract: | We explore the challenges facing the current academic training of economists in small European countries like Sweden. The monolithic focus on publishing in the top-five journals, which prioritizes methodological rigor over problem-driven research, is often a threat to social relevance and policy applicability. This limits pluralism, excludes many talented economists, and fails to prepare graduates for non-academic positions. We propose a two-track model for PhD training and academic evaluation, emphasizing both traditional research and applied economic policy, tailored to the diverse needs of academia, public administration and business sectors. We also argue for broader evaluation criteria, enhanced interdisciplinary collaboration, and institutional reforms, including trial lectures and specialized research institutes. By diversifying incentives, we recommend a shift towards socially relevant and more inclusive education and practice in the discipline of economics. |
| Keywords: | Criteria for hiring and promotion; European economics; Pluralism; Research productivity |
| JEL: | A11 A14 I23 J44 J62 |
| Date: | 2025–08–11 |
| URL: | https://d.repec.org/n?u=RePEc:hhs:iuiwop:1530 |