Post-Keynesian Economics – A User's Guide

26 Pages Posted: 5 Jun 2015

See all articles by Neil Hart

Neil Hart

University of New South Wales (UNSW)

Peter Kriesler

UNSW Australia Business School, School of Economics

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Date Written: June 3, 2015

Abstract

This paper provides a brief introduction to post-Keynesian economics. Post-Keynesians are sceptical of the usefulness of the equilibrium method, and favour an approach based on path-determined models with, due to the influence of uncertainty on economic decisions, an important role assigned to money, institutions and rules of thumb. As there are no forces within capitalist economies which can guarantee full employment, government intervention is important. While monetary policy is seen as a rather blunt instrument, fiscal policy is perceived to be much more potent than it is in the mainstream. However, there are inherent limits to the achievement of sustained full employment in capitalist economies.

Keywords: Keynes, post-Keynesians, methodology, path dependency, economic policy

JEL Classification: B2, B41, B5, D4, D5, E6

Suggested Citation

Hart, Neil and Kriesler, Peter, Post-Keynesian Economics – A User's Guide (June 3, 2015). UNSW Business School Research Paper No. 2015-12, Available at SSRN: https://ssrn.com/abstract=2613791 or http://dx.doi.org/10.2139/ssrn.2613791

Neil Hart

University of New South Wales (UNSW) ( email )

Kensington
High St
Sydney, NSW 2052
Australia

Peter Kriesler (Contact Author)

UNSW Australia Business School, School of Economics ( email )

High Street
Sydney, NSW 2052
Australia

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