The Oxford Handbook of Post-Keynesian Economics, Volume 2: Critiques and Methodology (Oxford Handbooks)

This book analyzes Keynesian foundations of post-Keynesian economics, focusing on how uncertainty and liquidity revoke Say’s law. It explains the key features of Michał Kalecki’s analysis of a capitalist economy and examines his macroeconomics in the short-run. It also provides a brief overview of post-Keynesian contributions to the study of the economic problems of least developed countries, also known as development economics. In addition, the book tackles the financial markets, considers Hyman Minsky’s financial instability hypothesis, and discusses Sidney Weintraub’s criticism of the neoclassical-Keynesian synthesis. The book also analyzes Piero Sraffa’s role in the criticism of mainstream theory and the development of post-Keynesian economics, assesses the contributions and the evolution of Wynne Godley’s views on money, and examines the notion of “center of gravitation” in the classical tradition. Other chapters look at a post-Keynesian theory of aggregate fluctuations, comment on Luigi Pasinetti’s systematic attempt to integrate Sraffa’s and John Maynard Keynes’s core theoretical messages as elements of a more general theoretical framework, and describe post-Keynesian approaches towards the making and implications of industrial prices. This two volume Handbook contains chapters on the main areas to which Post-Keynesians have made sustained and important contributions. These include theories of accumulation, distribution, pricing, money and finance, international trade and capital flows, the environment, methodological issues, criticism of mainstream economics and Post-Keynesian policies. The Introduction outlines what is in the two volumes, in the process placing Post-Keynesian procedures and contributions in appropriate contexts. This volume analyses Keynesian foundations of post-Keynesian economics, focusing on how uncertainty and liquidity revoke Say's law. It explains the key features of Michal Kalecki's analysis of a capitalist economy and examines his macroeconomics in the short-run. It also provides a brief overview of post-Keynesian contributions to the study of the economic problems of least developed countries, also known as development economics These two volumes cover the principal areas to which Post-Keynesian economists have made distinctive contributions. The contents include the significant criticism by Post-Keynesians of mainstream economics, but the emphasis is on positive Post-Keynesian analysis of the economic problems of the modern world and of policies with which to tackle them.