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Keynes, Kalecki and Minsky - Post Keynesian champions in comparison or: joining forces, horses for courses or the necessity of discrimination?
[Arbeitspapier]
Körperschaftlicher Herausgeber
Universität Hamburg, Fak. Wirtschafts- und Sozialwissenschaften, FB Sozialökonomie, Zentrum für Ökonomische und Soziologische Studien (ZÖSS)
Abstract The push to pluralise the economic discipline involves making informed decisions about which paradigm to adopt, requiring a deep understanding of each paradigm's characteristics and affiliations. Once paradigmatic choices are made, different theories can either collaborate effectively or require cle... mehr
The push to pluralise the economic discipline involves making informed decisions about which paradigm to adopt, requiring a deep understanding of each paradigm's characteristics and affiliations. Once paradigmatic choices are made, different theories can either collaborate effectively or require clear discrimination if they belong to distinct paradigms. Therefore, economic theories and models need to be compared with respect to their paradigmatic localisation. Based on a hermeneutic comparison, the common assessment that the champions of Post Keynesian economics - John Maynard Keynes, Michal Kalecki and Hyman P. Minsky's share a unified Post Keynesian paradigm must be questioned. Kalecki’s economics, with its closed system perspective, differs fundamentally from Keynes’s open system approach. This distinction suggests that Kalecki's work is not merely a variant of Keynes’s monetary production paradigm but could align more closely with new-Keynesian imperfect competition
models based on the traditional real-exchange paradigm. Minsky's dynamic approach, however, shares Keynes's open system ontology, making them compatible. This analysis suggests that the term ‘Post Keynesianism’ might inaccurately imply a coherence that does not exist.... weniger
Thesaurusschlagwörter
Keynes, J.; Keynesianismus; Paradigma; ökonomische Theorie; Wirtschaftswissenschaft
Klassifikation
Allgemeines, spezielle Theorien und "Schulen", Methoden, Entwicklung und Geschichte der Wirtschaftswissenschaften
Freie Schlagwörter
Keynes's economics; Kalecki's economics; Minsky's economics; comparison
Sprache Dokument
Englisch
Publikationsjahr
2024
Erscheinungsort
Hamburg
Seitenangabe
20 S.
Schriftenreihe
ZÖSS Discussion Paper, 108
ISSN
1868-4947
Status
Veröffentlichungsversion; begutachtet
Lizenz
Deposit Licence - Keine Weiterverbreitung, keine Bearbeitung