Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/181459 
Authors: 
Year of Publication: 
2017
Series/Report no.: 
FMM Working Paper No. 1
Publisher: 
Hans-Böckler-Stiftung, Macroeconomic Policy Institute (IMK), Forum for Macroeconomics and Macroeconomic Policies (FMM), Düsseldorf
Abstract: 
In this paper the main developments in post-Keynesian macroeconomics since the mid-1990s will be reviewed. For this purpose the main differences between heterodox economics in general, including post-Keynesian economics, and orthodox economics will be reiterated and an overview over the strands of post-Keynesian economics, their commonalities and developments since the 1930s will be outlined. This will provide the grounds for touching upon three important areas of development and progress of post-Keynesian macroeconomics since the mid-1990s: first, the integration of distribution issues and distributional conflict into short- and long-run macroeconomics, both in theoretical and in empirical/applied works; second, the integrated analysis of money, finance and macroeconomics and its appli-cation to changing institutional and historical circumstances, like the process of financialisation; and third, the development of full-blown macroeconomic models, providing alternatives to the mainstream 'New Consensus Model' (NCM), and allowing to derive a full macroeconomic policy mix as a more con-vincing alternative to the one implied and proposed by the mainstream NCM, which has desperately failed in the face of the recent crises.
Subjects: 
post-Keynesian macroeconomics
heterodox vs. orthodox economics
pluralism in economics
distribution
money
finance
macroeconomics
macroeconomic policies
JEL: 
B22
E12
Document Type: 
Working Paper

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