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Challenges for post-Keynesian macroeconomics: a behavioural and structuralist perspective

In: Progressive Post-Keynesian Economics

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  • Peter Skott

Abstract

Post-Keynesian macroeconomics faces several challenges. The labor market and the supply side, first, have not been getting the attention that they deserve in Post-Keynesian growth theory. The failings of the Lucas-type ‘microeconomic foundations’, second, must not lead to a neglect of microeconomic behavior. Convincing macroeconomic theories must recognize and address the connections between macroeconomic relations and the microeconomic behavior whose aggregate manifestation the relations represent. Microeconomic behavior, third, takes place within an institutional structure that shapes economic behavior and economic outcomes. Macroeconomic theory must be both behavioral and structuralist.

Suggested Citation

  • Peter Skott, 2019. "Challenges for post-Keynesian macroeconomics: a behavioural and structuralist perspective," Chapters, in: Jesper Jespersen & Finn Olesen (ed.), Progressive Post-Keynesian Economics, chapter 2, pages 16-33, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18368_2
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    Cited by:

    1. Peter Skott & Júlio Fernando Costa Santos & José Luís da Costa Oreiro, 2022. "Supermultipliers, ‘endogenous autonomous demand’ and functional finance," Metroeconomica, Wiley Blackwell, vol. 73(1), pages 220-244, February.

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    Keywords

    Economics and Finance;

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