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What was the primary factor encouraging mainstream economists to marginalize post Keynesian theory?

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  • Paul Davidson

Abstract

Paul Samuelson’s own words are used to demonstrate that he and his “Keynesian” followers never comprehended Keynes’s general theory or the Post Keynesian development of Keynes’s analysis. Samuelson claimed that Keynes’s theory is a slow adjusting Walrasian system and any theory which rejected the Walrasian foundations is not a valid economic theory. Samuelson’s arrogance in believing he had discovered the “Foundations of Economic Analysis” is the primary factor that has marginalized Post Keynesian theory. Keynes had explicitly rejected Walras’s system. Sidney Weintraub, a founder of Post Keynesian theory, developed the Marshallian micro foundations that are the foundations of Keynes’s general theory.

Suggested Citation

  • Paul Davidson, 2015. "What was the primary factor encouraging mainstream economists to marginalize post Keynesian theory?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 37(3), pages 369-383, July.
    • Handle: RePEc:mes:postke:v:37:y:2015:i:3:p:369-383
    DOI: 10.1080/01603477.2015.1000093
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    References listed on IDEAS

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    1. Paul Davidson, 1978. "Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15865-2, October.
    2. David C. Colander & Harry Landreth (ed.), 1996. "The Coming Of Keynesianism To America," Books, Edward Elgar Publishing, number 451.
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    Cited by:

    1. Arne Heise, 2017. "Walras' Law in the Context of Pre-Analytic Visions," Economic Thought, World Economics Association, vol. 6(1), pages 83-96, March.

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