Predicting the ‘Global Financial Crisis’: Post‐Keynesian Macroeconomics

27 Pages Posted: 19 Jun 2013

See all articles by Steve Keen

Steve Keen

University of Western Sydney - School of Economics & Finance

Date Written: June 2013

Abstract

The ‘Global Financial Crisis’ is widely acknowledged to be a tail event for neoclassical economics (Stevens, 2008), but it was an expected outcome for a range of non‐neoclassical economists from the Austrian and post‐Keynesian schools. This article provides a survey of the post‐Keynesian approach for readers who are not familiar with this literature. It will briefly cover the history of how post‐Keynesian economics came to diverge so much from the neoclassical mainstream, and focus on post‐Keynesian macroeconomics today and its alternative indicators of macroeconomic turbulence.

Suggested Citation

Keen, Steve, Predicting the ‘Global Financial Crisis’: Post‐Keynesian Macroeconomics (June 2013). Economic Record, Vol. 89, Issue 285, pp. 228-254, 2013, Available at SSRN: https://ssrn.com/abstract=2281688 or http://dx.doi.org/10.1111/1475-4932.12016

Steve Keen (Contact Author)

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