Tag Archives: Post Keynesianism

Academic Agent has got into another row on MMT, but this time with someone called “Adam Friended.”In brief, “Adam Friended” responded to Academic Agent in the following video on the issue of MMT and price inflation:[embedded content]Academic Agent then produced this response on MMT here:[embedded content]Academic Agent is correct that Covid welfare payments and furlough schemes were not the fundamental drivers of inflation in some goods. It is also true that the Western world is far from...

Minsky’s journey from socialism to stability for capitalist profitability comes about because he and the post-Keynesians deny and/or ignore Marx’s law of value, just as the ‘market socialists’, Lange and Lerner, did. The post-Keynesians and MMTers deny/ignore that profit comes from surplus value extracted by exploitation in the capitalist production process and it is this that is the driving force for investment and employment. They ignore the origin and role of profit, except as a residual...

Michael Roberts reviews and critiques The Debt Delusion by John Weeks.Michael Roberts Blog — blogging from a marxist economistThe debt delusionMichael Roberts

Larry Summers attracted a great deal of attention with arguments that post-Keynesian theories ought to be taken into account, and the ability of central banks to stimulate the economy are limited. One could argue that the zeitgeist is shifting in the direction of Modern Monetary Theory (MMT): the role of fiscal policy may be increasingly important. However, I am unsure how far actual economics debates will shift.One may note that Summers dodged discussing MMT in his initial tweets; in fact,...

Magpie critiques Paul Mason's criticism of MMT from the POV of a Marxist.Magpie's Asymmetric WarfareGetting all Tied Up (2) Magpie

Nicholas Kaldor quote. The Case for Concerted ActionMainstream Economics Compared To Keynesian TimesV. Ramanan

I am resuming work on pondering the business cycle, and just wanted to give some initial comments about the notion of productivity. This article just describes some basic concepts taken from a generic post-Keynesian perspective (plus some of my own views, which may or may not be eccentric). As work progresses on my book, I should address the neo-classical approach, as well as empirical results. Bond EconomicsProductivity And The CycleBrian Romanchuk

This article is an introduction to the post-Keynesian approach to inflation. It is largely based on Section 8.1.1 of Professor Marc Lavoie's Post-Keynesian Economics: New Foundations (link to my review). Similar to the work on stock-flow consistent models, we start out with what is essentially an accounting identity: a statement that is true by definition. We need to understand the implications of the accounting identity before we worry about the behavioural aspects (which are not pinned...

From the Perspective of Conventional Economic Analysis, the Post-Keynesian Approach to Inflation Is Mystifying. If We Focus on the Modern Monetary Theory (MMT) School of Thought in Particular, It Is Very Easy to Either Find Claims That "MMT Has No Theory of Inflation," or Non-MMTers "Explain" the MMT Inflation Theory Is Some Random Trivial Relationship That They Just Made Up. The Key to Understanding Post-Keynesian Approaches Is That It Takes a Completely Different Approach to Understanding...

My issues with Dirk Bezemer's academic credibility seem to have nudged the Post Keynesian hornets' nest such that they seemed to assume I was attacking Post Keynesianism in general, which I gladly took on because one thing that I really do dislike is cult-like adherence to ideology regardless of what that ideology is. But first let me clarify a few things.… For those following this. Boiling it down in this post, he is saying to Post Keynesians, convince me and remember that I am a working...