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The Dodgy Dynamics of Economics

Summary:
Both Neoclassical (DSGE) and Post Keynesian (SFCA) models claim to be dynamic. But both violate core concepts in modern dynamics. Both also are at odds with their underling paradigms. Post Keynesian modelers can remedy both ills. Neoclassicals can’t embrace modern dynamics without abandoning their core beliefs.

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Both Neoclassical (DSGE) and Post Keynesian (SFCA) models claim to be dynamic. But both violate core concepts in modern dynamics. Both also are at odds with their underling paradigms. Post Keynesian modelers can remedy both ills. Neoclassicals can’t embrace modern dynamics without abandoning their core beliefs.


Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.

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