Munich Personal RePEc Archive

Post-Keynesian Economics - Challenging the Neo-Classical Mainstream

Heise, Arne (2019): Post-Keynesian Economics - Challenging the Neo-Classical Mainstream. Published in: Efil Journal of Economic Research , Vol. 2, No. 8 (2019): pp. 8-29.

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Abstract

This article takes an in-depth look at post-Keynesianism as a paradigmatic al-ternative to the dominant neoclassical mainstream. It quickly becomes clear that post-Keynesianism is not a unified school of thought, but rather an assortment of theoretical approaches that share certain methodological and epistemological similarities and characteristic postulates. The Article does not attempt to de-scribe the full array of Kaleckian, Kaldorian and Sraffian variants of post-Keynesian theory but instead analysis the paradigmatic and formal structure of one particular form of post-Keynesianism, the monetary theory of production in order to reconstruct these characteristic postulates from the axiomatic core of post-Keynesianism. It then sets out the theory of market participation, an alter-native theory of economic policy that builds on monetary production economics.

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