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Paul Davidson (1930-2024) and the founding of Post-Keynesian economics

Author

Listed:
  • James K. Galbraith
  • Thomas I. Palley
  • Matias Venengo

Abstract

Paul Davidson was a critical figure in the preservation of John Maynard Keynes`s ideas, sticking with them when they were out of fashion. He was also key to the survival of the Post Keynesian school. Davidson endorsed Keynes`s liquidity preference theory of interest, and he emphasized fundamental uncertainty as a central feature of economic reality, essential to making sense of a monetary economy. His greatest legacy is the Journal of Post Keynesian Economics, the intellectual home for a generation of Post Keynesian economists. Without his efforts, the heterodox economics community would be significantly smaller than it is now.

Suggested Citation

  • James K. Galbraith & Thomas I. Palley & Matias Venengo, 2024. "Paul Davidson (1930-2024) and the founding of Post-Keynesian economics," FMM Working Paper 105-2024, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    • Handle: RePEc:imk:fmmpap:105-2024
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    More about this item

    Keywords

    Paul Davidson; Keynes; liquidity preference; fundamental uncertainty; Journal of Post Keynesian Economics;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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