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Engagement with the Mainstream in the Future of Post Keynesian Economics

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  • Louis-Philippe Rochon
  • Peter Docherty

Abstract

This paper examines the reasons for the difficulties Post Keynesian economics has had in supplanting mainstream neoclassical theory and for its resulting marginalization. Three explanations are given: intellectual, sociological and political, where the latter two are largely responsible for the current relationship of Post Keynesian economics to the mainstream. The paper also reviews various strategies for improving the future of Post Keynesian economics, including a focus on methodological issues by maintaining an ‘open systems’ approach; a strategy of ‘embattled survival’; the development of a positive alternative to mainstream economics; a strategy of ‘constructive engagement’ with the mainstream; and a dialogue with policymakers. While the global financial crisis has increased the potential for constructive engagement with the mainstream, significant barriers remain to the effectiveness of this approach. The crisis has, however, enhanced the possibility of engaging directly with policymakers and gaining a greater role in management education.

Suggested Citation

  • Louis-Philippe Rochon & Peter Docherty, 2012. "Engagement with the Mainstream in the Future of Post Keynesian Economics," Review of Political Economy, Taylor & Francis Journals, vol. 24(3), pages 503-518, July.
    • Handle: RePEc:taf:revpoe:v:24:y:2012:i:3:p:503-518
    DOI: 10.1080/09538259.2012.701931
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    References listed on IDEAS

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    1. Pasinetti,Luigi L., 2007. "Keynes and the Cambridge Keynesians," Cambridge Books, Cambridge University Press, number 9780521872270, September.
    2. Peter Docherty, 2005. "Money and Employment," Books, Edward Elgar Publishing, number 2578.
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    Cited by:

    1. repec:spo:wpmain:info:hdl:2441/1hlgq13piu8cirvmd44v0hs2v1 is not listed on IDEAS
    2. Emiliano Brancaccio & Francesco Saraceno, 2017. "Evolutions and Contradictions in Mainstream Macroeconomics," Post-Print hal-03458622, HAL.
    3. J. E. King, 2012. "Post Keynesians and Others," Review of Political Economy, Taylor & Francis Journals, vol. 24(2), pages 305-319, April.
    4. repec:hal:spmain:info:hdl:2441/1hlgq13piu8cirvmd44v0hs2v1 is not listed on IDEAS

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