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Post-Keynesian
Post-Keynesian economics is a school of economic thought with its origins in '' The General Theory'' of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa, Jan Kregel and Marc Lavoie. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work. It is a heterodox approach to economics based on a non-equilibrium approach. Introduction The term "post-Keynesian" was first used to refer to a distinct school of economic thought by Eichner and Kregel (1975) and by the establishment of the ''Journal of Post Keynesian Economics'' in 1978. Prior to 1975, and occasionally in more recent work, ''post-Keynesian'' could simply mean economics carried out after 1936, the date of Keynes's ''General Theory''. Post-Keynesian economists are united in maintaining that Keynes' theory is seriously misrepr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marc Lavoie
Marc Lavoie (born 1954)Marc Lavoie profile at the website is a Canadian professor in at the and a former Olympic athlete. Academic career Born in Ot ...[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alfred Eichner
Alfred S. Eichner (March 23, 1937February 10, 1988) was an American post-Keynesian economist who challenged the neoclassical price mechanism and asserted that prices are not set through supply and demand but rather through mark-up pricing. Eichner is one of the founders of the post-Keynesian school of economics and was a professor at Rutgers University at the time of his death. Eichner's writings and advocacy of thought, differed with the theories of John Maynard Keynes, who was an advocate of government intervention in the free market and proponent of public spending to increase employment. Eichner argued that investment was the key to economic expansion. He was considered an advocate of the concept that government incomes policy should prevent inflationary wage and price settlements in connection to the customary fiscal and monetary means of regulating the economy. He is noted for his book ''The Megacorp and Oligopoly'' (1976), ''Toward a new economics: essays in post-Keynesi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heterodox Approach To Economics
Heterodox economics is a broad, relative term referring to schools of economic thought which are not commonly perceived as belonging to mainstream economics. There is no absolute definition of what constitutes heterodox economic thought, as it is defined in contrast to the most prominent, influential or popular schools of thought in a given time and place.Dequench, David (2007) "Neoclassical, mainstream, orthodox, and heterodox economics", ''Journal of Post Keynesian Economics'', 30 (2), 279-30/ref> Groups typically classed as heterodox in current discourse include the Austrian school of economics, Austrian, ecological, Marxist-historical, post-Keynesian, and modern monetary approaches.Frederic S. Lee, 2008. "heterodox economics," ''The New Palgrave Dictionary of Economics'', 2nd Edition, v. 4, pp. 2–65Abstract. Four frames of analysis have been highlighted for their importance to heterodox thought: history, natural systems, uncertainty, and power. History In the mid-19t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nicholas Kaldor
Nicholas Kaldor, Baron Kaldor (12 May 1908 – 30 September 1986), born Káldor Miklós, was a Hungarian-born British economist. He developed the "compensation" criteria called Kaldor–Hicks efficiency for welfare spending, welfare comparisons (1939), derived the cobweb model, and argued for certain regularities observable in economic growth, which are called Kaldor's growth laws. Kaldor worked alongside Gunnar Myrdal to develop the key concept Circular Cumulative Causation, a multicausal approach where the core variables and their linkages are delineated. Biography Káldor Miklós was born in Budapest, son of Gyula Káldor, lawyer and legal adviser to the German legation in Budapest, and Jamba, an accomplished linguist and "a well-educated, cultured woman". He was educated in Budapest, as well as in Berlin, and at the London School of Economics, where he graduated with a first-class BSc (Econ.) degree in 1930. He subsequently became an assistant lecturer and, by 1938, lecturer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Schools Of Economic Thought
In the history of economic thought, a school of economic thought is a group of economic thinkers who share or shared a mutual perspective on the way economies function. While economists do not always fit within particular schools, particularly in the modern era, classifying economists into schools of thought is common. Economic thought may be roughly divided into three phases: premodern ( Greco-Roman, Indian, Persian, Islamic, and Imperial Chinese), early modern (mercantilist, physiocrats) and modern (beginning with Adam Smith and classical economics in the late 18th century, and Karl Marx and Friedrich Engels' Marxian economics in the mid 19th century). Systematic economic theory has been developed primarily since the beginning of what is termed the modern era. Currently, the great majority of economists follow an approach referred to as mainstream economics (sometimes called 'orthodox economics'). Economists generally specialize into either macroeconomics, broadly on the ge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Davidson (economist)
Paul Davidson (October 23, 1930 – June 20, 2024) was an American macroeconomist who has been one of the leading spokesmen of the American branch of the post-Keynesian school in economics. He has actively intervened in important debates on economic policy (natural resources, international monetary system, developing countries' debt) from a position critical of mainstream economics. Early life Davidson did not originally choose economics as a profession. His primary training was in both chemistry and biology, for which he received B.Sc. degrees from Brooklyn College in 1950. He was a graduate student in biochemistry at the University of Pennsylvania, but switched to economics, receiving his MBA from the City University of New York in 1955, and completing his PhD at the University of Pennsylvania in 1959. J. Barkley Rosser Jr. from the Levy Economics Institute describes how, despite being accepted to graduate programs at Harvard, M.I.T., Berkeley and Brown, Davidson accepted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jan Kregel
Jan A. Kregel (born 19 April 1944) is an American post-Keynesian economist. Kregel has served since 2006 as Professor of Finance and Development at Tallinn University of Technology, Tallinn, Estonia. He is an adjunct professor at Johns Hopkins SAIS (SAIS), whose Bologna Center he co-directed in the late 1980s, and a visiting professor at the University of Missouri–Kansas City. He is also one of the Senior Scholars at the Levy Economics Institute of Bard College. Until 2007, he was Chief of the Policy Analysis and Development Branch of the Financing for Development Office of United Nations Department of Economic and Social Affairs. Until 2004, he was High Level Expert in International Finance and Macroeconomics in the New York Liaison Office of UNCTAD, being in essence its chief economist. For many years, he held the Chair for Political Economy at the University of Bologna. Kregel studied mainly at the University of Cambridge (with Joan Robinson and Nicholas Kaldor) and Rutgers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joan Robinson
Joan Violet Robinson ( Maurice; 31 October 1903 – 5 August 1983) was a British economist known for her wide-ranging contributions to economic theory. One of the most prominent economists of the century, Robinson incarnated the "Cambridge School" in most of its guises in the 20th century. She started out as a Marshallian, became one of the earliest and most ardent Keynesians after 1936, and ended up as a leader of the neo-Ricardian and post-Keynesian schools. Early life and education Before leaving to fight in the Second Boer War, Joan's father, Frederick Maurice, married Margaret Helen Marsh, the daughter of Frederick Howard Marsh, and the sister of Edward Marsh, at St George's, Hanover Square. Joan Violet Maurice was born in 1903, a year after her father's return from Africa, the third of five siblings. Joan Maurice studied economics at Girton College, Cambridge. She completed her studies in 1925 but due to Cambridge University's refusal to grant degrees to women u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michał Kalecki
Michał Kalecki (; 22 June 1899 – 18 April 1970) was a Polish Marxian economist. Over the course of his life, Kalecki worked at the London School of Economics, University of Cambridge, University of Oxford, and Warsaw School of Economics, and was an economic advisor to the governments of Poland, France, Cuba, Israel, Mexico, and India. He also served as the deputy director of the United Nations Economic Department in New York City. Kalecki has been called "one of the most distinguished economists of the 20th century" and "likely the most original one". It is often claimed that he developed many of the Keynesian economics, same ideas as John Maynard Keynes before Keynes but remains much less known to the English-speaking world. He offered a synthesis that integrated class analysis of Marxism and the new literature on oligopoly theory, and his work had a significant influence on both the Neo-Marxian economics, neo-Marxian (''Monopoly Capital'') and post-Keynesian schools of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The General Theory Of Employment, Interest And Money
''The General Theory of Employment, Interest and Money'' is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, giving macroeconomics a central place in economic theory and contributing much of its terminology – the "Keynesian Revolution". It had equally powerful consequences in economic policy, being interpreted as providing theoretical support for government spending in general, and for budgetary deficits, monetary intervention and counter-cyclical policies in particular. It is pervaded with an air of mistrust for the rationality of free-market decision-making. Keynes denied that an economy would automatically adapt to provide full employment even in equilibrium, and believed that the volatile and ungovernable psychology of markets would lead to periodic booms and crises. The ''General Theory'' is a sustained attack on the classical economics orthodoxy of its time. It introduced the concepts of the consu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes ( ; 5 June 1883 – 21 April 1946), was an English economist and philosopher whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the schools of economic thought, school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream economics, mainstream macroeconomics. He is known as the "father of macroeconomics". During the Great Depression of the 1930s, Keynes spearheaded Keynesian Revolution, a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Thought
Economics () is a behavioral science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings, and investment expenditure interact; and the factors of production affecting them, such as: labour, capital, land, and enterprise, inflation, economic growth, and public policies that impact these elements. It also seeks to analyse and describe the global economy. Other broad distinctions within economics include those between positive economics, describing "what is", and normative economics, advocating "what ought ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
