A Guide to Post-Keynesian Economics

A Guide to Post-Keynesian Economics

A Guide to Post-Keynesian Economics

A Guide to Post-Keynesian Economics

Excerpt

Late in the day, after they have had two or three drinks, many economics professors will begin to admit to their own reservations about the theory which forms the core of the economics curriculum. The theory, they will acknowledge, is at odds with much that is known about the behavior of economic institutions. "But what else is there to teach our students?" they will ask.

This question, it turns out, can readily be answered. There does exist an alternative to the "neoclassical synthesis" presented to students in introductory, intermediate, and advanced economics courses. The alternative is the post-Keynesian theory which is the subject of this book.

And yet few professors of economics seem aware of this alternative—and fewer still seem willing to expose their students to it. Could this be because they are not sufficiently familiar with post-Keynesian theory—this despite the fact that the main ideas are now more than twenty years old? While an article outlining the major points of difference between the prevailing neoclassical theory and the post-Keynesian alternative appeared in the Journal of Economic Literature only a few years back (Eichner and Kregel, 1975), could it be that the article was pitched at too high a technical level? Was the article perhaps too brief to bring out all the impor-

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