Port Keynesian Literature Essay

1374 words - 6 pages

Authors contributing to Post Keynesian literature is not possible distinguish by first used of the term Post Keynesian (Eichner, Kregel, 1975) or by establishment of the Journal of Post Keynesian Economics in 1978. Post Keynesian authors could be simply called every economist after 1936, the date of Keynes's The General Theory following up Keynes legacy. Among numerous authors cannot be omitted names e.g. Robinson (1933, 1980), Kalecki, Kaldor (1967, 1982), Harcourt (1972), Sraffa (1960), Galbraiht (1967), Eichner (1978), these names can be consider as first generation of Post Keynesians. Second generation of Post Keynesian authors include economists such as Wientraub (1961, 1966), Davidson ...view middle of the document...

The adoption of critical realism by Post Keynesians was advocated by Lawson (1994). According to the Lawson´s work, critical realism develops that the purpose of science is to uncover casual structures. But the causal mechanism is often non-observable and under constant change. To understand these relations it is necessary to bring out a retroductive working method that helps to discover bridge between an analytical and a factual level of reality. Under these perceptible levels is occurred deeper stratum, where can be consequently found casual mechanisms, power structures and institutional relations (Jespersen, 2009). The interconnection between Post Keynesian methodology and critical realism was presented in further debates (Dow, 1999; Maki, 2002; Lawson, 1997, 1999; Fulbrook, 2009; Mearman, Downward, 2002; Mearman, 2006).
As a consequence of methodological debate is important to remark a mention of system theory. Post Keynesians understand the economy as an open system in contrast to neoclassical economy which is considering economy as a closed system (Dow, 2001). In the social sciences an open system is a process that exchanges material, energy, people, capital and information with its environment. The concept of an open system was formalized within a framework that enabled to interrelate the theory of the organism, thermodynamics, and evolutionary theory. Thus the social system, with its institutions and conventions, evolves and human agency can generate surprises. This enables to consider open system as unpredictable, partly uncertain, non-ergodic and path-dependence (Davidson, 1994; Dunn 2000). In fact, changing methodological principles may be seen as one aspect of an open system. The topic of open system is well assembled e.g. Dow, 2001, King, 2003; Mearman, 2003, 2004, 2006; Jespersen, 2009).
The merit of Post Keynesian methodology is embrace of multi-strand and multi-method approach to questions and issues in economics. This position allows to Post Keynesian economist to discover and build up knowledge of the real world and formulates methods, questions, and purpose on realistic presumptions (Dow, 1996). The different set of methodological principles permits to use different approaches and techniques depending on a situation or problem. The underlying purpose of Post Keynesian economics is an introduction of economic policy which could be employed to improve economic performance. Such as policy-making requires an understanding of system structure and causal relationship for suitable policy implementation and furthermore also to be acquainted with consequences of policy implication and effects that are capable to change structure itself (Holt, Pressman, 2001).
Contemporary Post Keynesian economics is covering major spheres of economy. Deeper researches were carried out in theory of firm. The spotlight was in pricing of firms and Post Keynesian´s explanation introduced cost-plus pricing or markup (Lavoie, 1992; Lee, 1998; Downward,...

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