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A Post Keynesian Positive Contribution to Theory

In: Uncertainty, International Money, Employment and Theory

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  • Louise Davidson

Abstract

Much of the Post Keynesian literature of the last two decades, including some that I have contributed to, is devoted to demonstrating the analytical shortcomings of orthodox neoclassical theory. This negative literature has played an important role in making even orthodox economists aware of the severe limitations of neoclassical theory and its resultant policy pronouncements. Some neoclassical scholars have grudgingly admitted the value of this negative Post Keynesian literature, while stubbornly refusing to admit that Post Keynesian theory has made any positive contributions to ‘Theory’. For example, James Tobin has written: A school of self-styled post-Keynesians regard any synthesis or reconciliation, in substance or language, of Keynes and neoclassical economics, as a betrayal of the revolution. They reject equilibrium analysis altogether, stress the historical, institutional, and evolutionary aspects of economic development, and emphasize the macroeconomic implications of the noncompetitive structure of modern economies. Their valid points do not add up to a coherent theory. (Tobin, 1985, p. 115, emphasis added)

Suggested Citation

  • Louise Davidson, 1999. "A Post Keynesian Positive Contribution to Theory," Palgrave Macmillan Books, in: Louise Davidson (ed.), Uncertainty, International Money, Employment and Theory, chapter 4, pages 59-63, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14991-9_4
    DOI: 10.1007/978-1-349-14991-9_4
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