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A Post Keynesian theory of economic policyâfilling a void

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  • Arne Heise

Abstract

The traditional theory of economic policy of the Tinbergen-Theil-type has come under severe criticism: in the ontological setting of the "new classical macroeconomics" based on the rational expectations hypothesis, economic policy is ineffective or neutral with respect to real variables. In the ontological setting of Hayekian economics based on informational deficiencies, economic policy is without orientation and, therefore, more harmful than helpful. Therefore, both criticisms are united in their rejection of state interventions. In this paper, a Post Keynesian alternative is presented which is situated between nomocratic abstinence and teleological controllability.

Suggested Citation

  • Arne Heise, 2009. "A Post Keynesian theory of economic policyâfilling a void," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 31(3), pages 383-401, April.
    • Handle: RePEc:mes:postke:v:31:y:2009:i:3:p:383-401
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    Cited by:

    1. Wieliczko, Barbara, 2012. "Future CAP - food security and safety are the key," 126th Seminar, June 27-29, 2012, Capri, Italy 126039, European Association of Agricultural Economists.
    2. Heise, Arne, 2018. "Postkeynesianismus: Ein heterodoxer Ansatz auf der Suche nach einer Fundierung," ZÖSS-Discussion Papers 69, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    3. Jens-Ole Koehrsen, 2011. "Paradigmenwechsel in der wirtschaftswissenschaftlichen Politikberatung?," IMK Studies 2-2011, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    4. Arne Heise, 2024. "Keynes and the drunkard under the lamp post: Making sense of Palley," Japanese Economy, Taylor & Francis Journals, vol. 50(1), pages 47-62, January.
    5. Heise, Arne, 2019. "Post-Keynesian Economics - Challenging the Neo-Classical Mainstream," MPRA Paper 99280, University Library of Munich, Germany.

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