Predicting the ‘Global Financial Crisis’: Post‐Keynesian Macroeconomics
27 Pages Posted: 19 Jun 2013
Date Written: June 2013
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.
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By Dirk Helbing