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The Cambridge School of Keynesian Economics

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  • Luigi L. Pasinetti

Abstract

There have been strong ties between the Cambridge Journal of Economics (CJE) and the Cambridge School of Keynesian Economics, from the very beginning. In this paper, the author investigates the environment that saw the birth of the CJE at Cambridge (UK), in 1977, and the relationship that linked it to the direct pupils of Keynes. A critical question is explicitly examined: why didn't the 'Keynesian revolution' succeed in becoming a permanent winning paradigm? Some behavioural mistakes of the members of the Keynesian School may explain this lack of success, but only to a certain extent. In any case, there were and there still are remedies too. But what we are inheriting is a unique set of analytical building blocks (the paper lists eight of them) that makes this School of economics a viable (and in some directions definitely superior) alternative to mainstream economics. Admittedly, there is some important work still to be done. The paper highlights the need for a two-stage approach, addressing pure theory and extensive institutional analysis. It is argued that a combination of the two would strengthen the coherence of the theoretical foundations, and at the same time would provide a fruitful extension of economic analysis to empirical, institutional and economic dynamics investigations. Copyright 2005, Oxford University Press.

Suggested Citation

  • Luigi L. Pasinetti, 2005. "The Cambridge School of Keynesian Economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(6), pages 837-848, November.
    • Handle: RePEc:oup:cambje:v:29:y:2005:i:6:p:837-848
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    File URL: http://hdl.handle.net/10.1093/cje/bei073
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    Citations

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    Cited by:

    1. Kronenberg, Tobias, 2010. "Finding common ground between ecological economics and post-Keynesian economics," Ecological Economics, Elsevier, vol. 69(7), pages 1488-1494, May.
    2. Spash, Clive L., 2012. "Ecological Economics and Philosophy of Science: Ontology, Epistemology, Methodology and Ideology," SRE-Discussion Papers 2012/03, WU Vienna University of Economics and Business.
    3. repec:dau:papers:123456789/6516 is not listed on IDEAS
    4. Nadia Garbellini & Ariel Luis Wirkierman, 2014. "Pasinetti's 'Structural Change and Economic Growth': A Conceptual Excursus," Review of Political Economy, Taylor & Francis Journals, vol. 26(2), pages 234-257, April.
    5. Nuno Ornelas Martins, 2012. "Mathematics, Science and the Cambridge Tradition," Economic Thought, World Economics Association, vol. 1(2), pages 1-2, December.
    6. Timothy C. Johnson, 2013. "Reciprocity as the foundation of Financial Economics," Papers 1310.2798, arXiv.org.
    7. Dirk J. Bezemer, 2012. "Modelos contables y comprensión de la crisis financiera," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 14(26), pages 47-76, January-J.
    8. Araujo, Ricardo Azevedo & Trigg, Andrew B., 2015. "A neo-Kaldorian approach to structural economic dynamics," Structural Change and Economic Dynamics, Elsevier, vol. 33(C), pages 25-36.
    9. Spash, Clive L., 2012. "New foundations for ecological economics," Ecological Economics, Elsevier, vol. 77(C), pages 36-47.
    10. Araujo, Ricardo Azevedo, 2013. "Cumulative causation in a structural economic dynamic approach to economic growth and uneven development," Structural Change and Economic Dynamics, Elsevier, vol. 24(C), pages 130-140.
    11. Bezemer, Dirk J., 2010. "Understanding financial crisis through accounting models," Accounting, Organizations and Society, Elsevier, vol. 35(7), pages 676-688, October.
    12. Ricardo Azevedo Araujo & Joanílio Rodolpho Teixeira, 2010. "A Multi-Sector Version of the Post-Keynesian Growth Model," Working papers - Textos para Discussao do Departamento de Economia da Universidade de Brasilia 330, Departamento de Economia da Universidade de Brasilia.
    13. Lukáš Kovanda, 2013. "Taktické omyly ekonomů rakouské školy při "dobývání ortodoxie" [Austrians´ Tactical Mistakes that Prevent Them to "Conquer the Orthodoxy"]," Politická ekonomie, Prague University of Economics and Business, vol. 2013(3), pages 411-427.
    14. Wynne Godley & Marc Lavoie, 2006. "Prolegomena to Realistic Monetary Macroeconomics: A Theory of Intelligible Sequences," Economics Working Paper Archive wp_441, Levy Economics Institute.
    15. Costa, Leopoldo & Teixeira, Joanilio Rodolpho, 2018. "Structural change with different consumption profiles in a pure labour economy," Structural Change and Economic Dynamics, Elsevier, vol. 47(C), pages 28-34.
    16. Kronenberg, Tobias, 2010. "Dematerialisation of consumption: a win-win strategy?," MPRA Paper 25704, University Library of Munich, Germany.
    17. Lukáš Kovanda, 2010. "Kritický realismus: ontologická báze postkeynesovské ekonomie [Critical Realism as an Ontological Basis of Post-Keynesianism]," Politická ekonomie, Prague University of Economics and Business, vol. 2010(5), pages 608-622.
    18. Nuno Ornelas Martins, 2013. "Classical Surplus Theory and Heterodox Economics," American Journal of Economics and Sociology, Wiley Blackwell, vol. 72(5), pages 1205-1231, November.
    19. D'Orazio, Paola, 2019. "Income inequality, consumer debt, and prudential regulation: An agent-based approach to study the emergence of crises and financial instability," Economic Modelling, Elsevier, vol. 82(C), pages 308-331.
    20. Araujo, Ricardo Azevedo & Teixeira, Joanílio Rodolpho, 2011. "Decisions on investment allocation in the post-Keynesian growth models," MPRA Paper 33639, University Library of Munich, Germany.
    21. Lukáš Kovanda, 2011. "Ekonomie budoucnosti: čtyři možné scénáře [The Future of Economics: Four Possible Scenarios]," Politická ekonomie, Prague University of Economics and Business, vol. 2011(6), pages 743-758.
    22. Peter Docherty, 2012. "Keynes’s General Theory, the Quantity Theory of Money and Monetary Policy," Chapters, in: Thomas Cate (ed.), Keynes’s General Theory, chapter 6, Edward Elgar Publishing.

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