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Why Post Keynesianism is Not Yet a Science

Author

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  • Egmont Kakarot-Handtke

    (University of Stuttgart, Institute of Economics and Law, Keplerstrasse 17, D-70174 Stuttgart, Germany)

Abstract

In a programmatic article Alfred Eichner explained, from a Post Keynesian perspective, why neoclassical economics is not yet a science. This was some time ago and one would expect that Post Keynesianism, with a heightened awareness of scientific standards, has done much better than alternative approaches in the meantime. There is wide agreement that this is not the case. Explanations, though, differ widely. The present – strictly formal – inquiry identifies an elementary logical flaw. This strengthens the argument that the Post Keynesian motto ‘it is better to be roughly right than precisely wrong!’ is methodologically indefensible.

Suggested Citation

  • Egmont Kakarot-Handtke, 2013. "Why Post Keynesianism is Not Yet a Science," Economic Analysis and Policy, Elsevier, vol. 43(1), pages 95-108, March.
    • Handle: RePEc:eee:ecanpo:v:43:y:2013:i:1:p:95-108
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    Citations

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    Cited by:

    1. Kakarot-Handtke, Egmont, 2013. "Confused confusers. How to stop thinking like an economist and start thinking like a scientist," MPRA Paper 44046, University Library of Munich, Germany.
    2. Kakarot-Handtke, Egmont, 2014. "Objective Principles of Economics," MPRA Paper 55031, University Library of Munich, Germany.

    More about this item

    Keywords

    new framework of concepts; structure-centric; axiom set; consistency; Post Keynesian hard core; logical rigor; loose verbal reasoning; hypothetico-deductive method; profit; retained profit; saving; general complementarity; IS-fallacy;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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