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Post Keynesian modeling: where are we, and where are we going to?

Author

Listed:
  • Angel Asensio

    (CEPN - Centre d'Economie de l'Université Paris Nord - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité - Université Sorbonne Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord)

  • Dany Lang

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique)

  • Sébastien Charles

    (LED - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8 Vincennes-Saint-Denis)

Abstract

This paper presents the current "state of the art" of Post Keynesian modeling, as well as the most important issues raised by it. We first present a new formal statement of Keynes's model. We then analyze the three most important classes of Post Keynesian contemporary models: the Kaleckian models of growth, the Minskian models showing the destabilizing effects of financial variables on the economy, and the path-dependent models insisting on the nature of time in economics, and on the absence of any "natural" anchor. We argue that, whereas the current Post Keynesian models have a lot in common with Keynes's model, none of them encompass all its rich and realistic properties, and a synthetic dynamic Post Keynesian model is desirable, and has still to be framed.

Suggested Citation

  • Angel Asensio & Dany Lang & Sébastien Charles, 2014. "Post Keynesian modeling: where are we, and where are we going to?," Post-Print hal-01366008, HAL.
    • Handle: RePEc:hal:journl:hal-01366008
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    References listed on IDEAS

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    Cited by:

    1. Ítalo Pedrosa & Dany Lang, 2018. "Heterogeneity, distribution and financial fragility of non-financial firms: an agent-based stock-flow consistent (AB-SFC) model," Working Papers hal-01937186, HAL.
    2. W A Jackson, 2015. "Markets and the Meaning of Flexibility," Economic Issues Journal Articles, Economic Issues, vol. 20(2), pages 45-65, September.
    3. Ítalo Pedrosa & Dany Lang, 2018. "Heterogeneity, distribution and financial fragility of non-financial firms: an agent-based stock-flow consistent (AB-SFC) model," CEPN Working Papers hal-01937186, HAL.
    4. Angel Asensio, 2013. "Teaching Keynes’s theory to neoclassically formed minds," Chapters, in: Jesper Jespersen & Mogens Ove Madsen (ed.), Teaching Post Keynesian Economics, chapter 10, pages 163-186, Edward Elgar Publishing.

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    More about this item

    Keywords

    Kaleckian models; Minskian models; path dependency; Post Keynesian modeling;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)

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