Description
Book SynopsisThis timely book is devoted to the advance of post-Keynesian economics, covering the last ten years of persistent and nuanced disparities in many dimensions of macroeconomic 'reality'.
Taking a pluralistic approach to modern Keynesian economics, the book presents innovative contributions to methodology, analyses of financialization and macroeconomic modeling. It explores how to model a complex macro-system at a time when economic uncertainty is dominant. Rich case studies examine increasing macroeconomic imbalances, paving the way for a better understanding of the political challenges of the future. With chapters dedicated to teaching macroeconomics, the book adopts a practical stance, exploring the notion of moving away from mathematical modeling towards problem-based learning.
Provocative and comprehensive, this book is crucial reading for all macroeconomists, from academic researchers to ministerial officials, seeking guidance on dealing with macroeconomic 'reality'. Postgraduate students of heterodox economics and political economy will also benefit from the innovative contributions of top post-Keynesian scholars, offering an alternative understanding of contemporary macroeconomic theory.
Trade Review'Progressive Post-Keynesian Economics
exemplifies beautifully the badly needed approach to economic theory and policy, which starts from real-life economic problems and is open to genuine dialogue with other approaches and social sciences. Discussing many key aspects of post-Keynesian theory, policy and teaching in an open-minded and realist manner, this book provides solid building blocks for a 21st century political economy that integrates insights and draws conceptions from a diversity of approaches. The era of one-sided abstract mathematical modelling that is detached from reality yet often functions as free-market ideology is over. Highly recommended!' --Heikki Patomäki, University of Helsinki, Finland
Table of ContentsContents: Introduction 1. Opportunities and Challenges for Post-Keynesian Economics? Sheila Dow 2. Challenges for Post-Keynesian macroeconomics: a behavioural and structuralist perspective Peter Skott 3. The Microfoundation and Autonomous Agents: G.L.S. Shackle as a front-runner to Progressive Post-Keynesian Economics Greg Hill 4. Ergodicity/Non-ergodicity or else? Finn Olesen 5. Schumpeter and Keynes after the Financial Crisis: Progressive Post-Keynesian opportunities? Stefan Voss 6. Financialisation and the dysfunctional nature of the financial system Malcolm Sawyer 7. Recognition of early financialisation in the writings of John Maynard Keynes Diego Guevara, Apostolos Fasianos and Christos Pierros 8. Central Bank Independency and the Idea of Money Neutrality: Re-considering the theoretical link Ulas Sener 9. A Post-Keynesian model of the balance of payments crisis Hamid Raza, Mikael Randrup Byrialsen, Bjorn Runar Gudmundsson and Gylfi Zoega 10. Stagnation policy in the Eurozone and Post-Keynesian economic policy alternatives Eckhard Hein 11. Problem-Based Learning and Mainstream Economics: Post-Keynesian Economics to the rescue? Jan Holm Ingemann and Poul Thøis Madsen 12. Teaching macroeconomics: how to benefit from Problem-Based Learning Mogens Ove Madsen and Finn Olesen 13. Do not blindly trust economists Mogens Lykketoft Index
