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Post-Keynesians having their scholarly journal called Journal of Post-Keynesian Economics maintain contemporary macroeconomic theory is different because it fails to integrate into the theory key insights into aggregate behaviour that are explicit in the general theory. It ignores the fact that economic process taken place in real, historic time and finally the crucial role played by economic, social and political institutions.
Post-Keynesians are critical of economic theory that neglects the impact that market power has no economic behaviour, especially in the explanation of inflation. They have, however, yet to develop an agreed macroeconomic model of the economy, strictly in the post-Keynesian framework. Monetarism, the new-classical economic and supply-side economics—all reject the Keynesian relationship embodied in the income- expenditure approach developed by Keynes—even if the overall framework of his analysis is accepted. Further, they represent a return in one form or another to classical economics; to belief in the inherent stability of a market economy and its self-core-acting nature.
The latter they regard as an attempt to push the ideas of Keynes into a classical framework, thus denying the Keynesian revolution of all significances. The Post-Keynesians argue that their insights and theories are essentially Keynesian in their origin and inspiration but there is much more than an attempt to update the General Theory to meet the contemporary problems of stagflation, etc. The Post-Keynesian economists are a diverse group of economists, more so, perhaps, than the monetarists, the new-classical economists or the supply-siders. In one such sub-group, particularly, but not wholly located at Cambridge University in England—which concentrated on the dynamics of full- employment growth, paying special attention to the linkages between income distribution and growth, we include the well known economists like late Prof.
Harrod, late Prof.
Kaldor, late Prof. Joen Robinson and Prof. In the second sub-group we find, economists like Robert Clower, and Alexis L.
Related Distribution and Growth after Keynes: A Post-Keynesian Guide
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