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Post-Keynesian Institutionalism after the Great Recession

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  • Charles J. Whalen

Abstract

This paper surveys the context and contours of contemporary Post-Keynesian Institutionalism (PKI). It begins by reviewing recent criticism of conventional economics by prominent economists as well as examining, within the current context, important research that paved the way for PKI. It then sketches essential elements of PKI--drawing heavily on the contributions of Hyman Minsky--and identifies directions for future research. Although there is much room for further development, PKI offers a promising starting point for economics after the Great Recession.

Suggested Citation

  • Charles J. Whalen, 2012. "Post-Keynesian Institutionalism after the Great Recession," Economics Working Paper Archive wp_724, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_724
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    Cited by:

    1. Yochanan Shachmurove, 2012. "Financial Crises And Econonomic Institutions An Institutional Account Of The Usa Financial Crisis," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(2), pages 45-52.
    2. Yochanan Shachmurove, 2012. "Failing Institutions Are at the Core of the U.S. Financial Crisis," PIER Working Paper Archive 12-040, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    3. Frederick Betz, 2014. "Cross-Disciplinary Economic Theory," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 5(4), pages 820-840, December.

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    More about this item

    Keywords

    Post-Keynesian Institutionalism; Institutional Economics; Post-Keynesian Economics; Financial Instability; Money-Manager Capitalism; Hyman Minsky;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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