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Why Post Keynesianism is not yet a science

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  • Kakarot-Handtke, Egmont

Abstract

In a programmatic article Alfred Eichner explained, from a Post Keynesian perspective, why neoclassical economics is not yet a science. This was some time ago and one would expect that Post Keynesianism, with a heightened awareness of scientific standards, has done much better than alternative approaches in the meantime. There is wide agreement that this is not the case. Explanations, though, differ widely. The present – strictly formal – inquiry identifies an elementary logical flaw. This strengthens the argument that the Post Keynesian motto ‘it is better to be roughly right than precisely wrong!’ is methodologically indefensible.

Suggested Citation

  • Kakarot-Handtke, Egmont, 2012. "Why Post Keynesianism is not yet a science," MPRA Paper 43171, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:43171
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    References listed on IDEAS

    as
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    7. Robert W. Dimand, 2010. "What Keynesian Revolution? A Reconsideration Seventy Years After The General Theory," International Economic Association Series, in: Robert W. Dimand & Robert A. Mundell & Alessandro Vercelli (ed.), Keynes’s General Theory After Seventy Years, chapter 15, pages 287-311, Palgrave Macmillan.
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    12. Egmont Kakarot-Handtke, 2013. "The Emergence of Profit and Interest in the Monetary Circuit," World Economic Review, World Economics Association, vol. 2013(2), pages 106-106, February.
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    More about this item

    Keywords

    new framework of concepts; structure-centric; axiom set; consistency; Post Keynesian hard core; logical rigor; loose verbal reasoning; hypothetico-deductive method; profit; retained profit; saving; general complementarity; IS-fallacy;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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