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A Post-Keynesian Approach As An Alternative To Neoclassical In The Explanation Of Monetary And Financial System

Author

Listed:
  • ZACHARIADIS, Savvas

    (University of Macedonia, Thessaloniki, Greece.)

Abstract

The aim of this paper is to provide a Post-Keynesian view to economic theory as an alternative to traditional theory. Keynesian economics consists of an approach to economics derived mainly from the work of Keynes. It is grounded on the fields of observations of stylized facts of the economy and attempts to provide solutions to arising problems, which cannot be adequately explained and resolved by mainstream theory. We wish not in this paper to contradict the conventional with Keynesian and Post-Keynesian theory, but instead to provide an alternative and complementary view. However, we highlight the differences between traditional neoclassical theory and Post-Keynesian macroeconomics. Therefore, we shall focus on PostKeynesian analysis on the operation of monetary and financial system in the endeavour to fill gaps on the explanation of relative phenomena. The main scope is the explanation of the financial system and financial stability.

Suggested Citation

  • ZACHARIADIS, Savvas, 2020. "A Post-Keynesian Approach As An Alternative To Neoclassical In The Explanation Of Monetary And Financial System," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 24(1), pages 21-35, March.
    • Handle: RePEc:vls:finstu:v:24:y:2020:i:1:p:21-35
    as

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    References listed on IDEAS

    as
    1. Claudio Borio & Marco Jacopo Lombardi & Fabrizio Zampolli, 2016. "Fiscal sustainability and the financial cycle," BIS Working Papers 552, Bank for International Settlements.
    2. Paul Davidson, 1994. "Post Keynesian Macroeconomic Theory," Books, Edward Elgar Publishing, number 124.
    3. Kaldor, Nicholas, 1972. "The Irrelevance of Equilibrium Economics," Economic Journal, Royal Economic Society, vol. 82(328), pages 1237-1255, December.
    4. Paul Davidson, 1978. "Why Money Matters: Lessons from a Half-Century of Monetary Theory," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 1(1), pages 46-70, October.
    5. Arestis, Philip & Sawyer, Malcolm, 1998. "Keynesian Economic Policies for the New Millennium," Economic Journal, Royal Economic Society, vol. 108(446), pages 181-195, January.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Post-Keynesian; neoclassical theory; monetary policy; financial system; financial instability;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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