Working papers, Department of Economics, WU (Wirtschaftsuniversität Wien)
Post Keynesian economics - how to move forward
() and Paul Ramskogler
Abstract: Post Keynesian Economics (PKE) is at a cross road. The
academic climate at universities has become more hostile to survival and
the mainstream has become more diverse internally. Moreover, a heterodox
camp of diverse groups of non-mainstream economists is forming. The debate
on the future of PKE has so far focussed on the relation to the mainstream.
This paper argues that this is not an important issue for the future of
PKE. The debate has overlooked the dialectics between academic hegemony and
economic (and social) stability. The important question is, whether PKE
offers useful explanations of the ongoing socio-economic transformation.
PKE has generated valuable insights but it offers little on important real
world phenomena such as supply-side phenomena like the increasing use of
ICT and the globalisation of production, social issues like precarisation
and the polarization of income distribution or ecological challenges like
climate change. It is these issues that will decide the future of PKE.
JEL-Codes: B20; B50; B59; E12; (follow links to similar papers)
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