Keynes and U.S. Keynesianism: A Lack of Historical Perspective and the Decline of the New Economics

Chase, Richard X.

doi:10.1080/00213624.1975.11503297

Cited by 7 publications

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“…From Keynes's discussion of Commons's eras of scarcity, abundance and stabilization (which appears in two 1925 essays), it is clear both economists appreciated that institutional change affects an economy's performance and policy needs (Keynes 1972;1981). The institutionalist literature has even demonstrated that the determinants of national output and employment presented in The General Theory of Employment, Interest and Money are historically contingent and institutionally determined (Chase 1975;Foster 1981a;Foster 1981b;Crotty 1990). …”

Section: Keynes and The Keynesian Revolutionmentioning

confidence: 99%

An Institutionalist Perspective on the Global Financial Crisis

Whalen

2010

Macroeconomic Theory and Its Failings

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This essay, prepared for a forthcoming collection of perspectives on the current world economic crisis, offers an institutionalist viewpoint on the financial crisis at the center of world attention since mid-2008. It is divided into three sections. The first section provides a brief history of the institutionalist understanding of how an economy operates, with special emphasis on a tradition known as post-Keynesian institutionalism (PKI). The second section draws on PKI to offer an explanation of the global financial crisis. The third section identifies some of the public-policy steps that are required to achieve a more stable and broadly shared prosperity in the United States and abroad. At the heart of PKI is attention to unemployment and the broader economic concerns facing working families. That focus is rooted in the shared interests of John R. Commons and John M. Keynes, who saw the business cycle as an important cause of unemployment and recognized that attaining greater economic stability requires understanding the operation and evolution of financial institutions.

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Section: Keynes and The Keynesian Revolutionmentioning

confidence: 99%

An Institutionalist Perspective on the Global Financial Crisis

Whalen

2010

Macroeconomic Theory and Its Failings

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Toward ‘Wisely Managed’ Capitalism: Post-Keynesian Institutionalism and the Creative State

Whalen

2008

Forum for Social Economics

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Post-Keynesian Institutionalism (PKI), a synthesis of post Keynesian and institutional economics, emerged in the USA as a strand of evolutionary economics in the early 1980s and has attracted increasing attention in recent years. This article examines milestones in the development of PKI, devoting particular attention to the tradition's conception of the role of the state. The first section identifies antecedents to PKI in the writings of John R. Commons and John Maynard Keynes. The second describes how PKI emerged against the backdrop of increasing dissatisfaction with neoclassical Keynesianism in the era of stagflation. The third summarizes the subsequent contributions of Hyman P. Minsky, whose work was a model of PKI in the 1980s and 1990s. The final two sections outline PKI's contemporary characteristics and identify elements of an agenda for future research. PKI has always been about achieving a more humane form of capitalism, which requires the state to play a creative role in shaping economic life.

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Institutionalism, Keynes, and the Real World

Peterson¹

1977

Journal of Economic Issues

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Keynes and U.S. Keynesianism: A Lack of Historical Perspective and the Decline of the New Economics

Cited by 7 publications

References 1 publication

An Institutionalist Perspective on the Global Financial Crisis

An Institutionalist Perspective on the Global Financial Crisis

Toward ‘Wisely Managed’ Capitalism: Post-Keynesian Institutionalism and the Creative State

Institutionalism, Keynes, and the Real World

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