Charles, Sébastien and Lang, Dany and Asensio, Angel (2010): Post-Keynesian modelling: where are we, and where are we going to?
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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.
|Item Type:||MPRA Paper|
|Original Title:||Post-Keynesian modelling: where are we, and where are we going to?|
|Keywords:||Post-Keynesian modelling; Keynes’ “static model of a dynamic process”; Kaleckian models; Minskian models; Models of path dependency|
|Subjects:||E - Macroeconomics and Monetary Economics > E0 - General > E02 - Institutions and the Macroeconomy
E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E12 - Keynes; Keynesian; Post-Keynesian
B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B40 - General
E - Macroeconomics and Monetary Economics > E2 - Macroeconomics: Consumption, Saving, Production, Employment, and Investment > E20 - General
|Depositing User:||Sebastien / S. CHARLES|
|Date Deposited:||05. May 2011 16:55|
|Last Modified:||12. Feb 2013 17:54|
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