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An Introduction to Post Keynesian Economics

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  • John T. Harvey

Abstract

Post Keynesian economics is based on the economics of John Maynard Keynes. Unlike Keynesianism, it does not rely on rigidities or imperfections to explain less-than-full employment, a condition that they argue is the rule rather than the exception. One key implication of this is that Post Keynesians do not view economics as being the science of scarcity. In the real world, our most difficult challenge is related to the pervasive and chronic abundance of one particular resource: labor. The consequences of this abundance are significant, widespread, and avoidable. This article explains how they come to such a conclusion.

Suggested Citation

  • John T. Harvey, 2016. "An Introduction to Post Keynesian Economics," The American Economist, Sage Publications, vol. 61(2), pages 140-156, October.
    • Handle: RePEc:sae:amerec:v:61:y:2016:i:2:p:140-156
    DOI: 10.1177/0569434516652038
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    References listed on IDEAS

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    More about this item

    Keywords

    Keynes; post Keynesian; unemployment; general theory; heterodox;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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