Post-Keynesian Economics for the Future

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Post-Keynesian Economics for the Future

Sustainability, Policy and Methodology

9781035307500 Edward Elgar Publishing
Edited by Jesper Jespersen, Professor of Economics, Roskilde University and Adjunct Professor, Aalborg University, Finn Olesen, Professor of Economics and Mikael Randrup Byrialsen, Associate Professor, Aalborg University, Denmark
Publication Date: January 2024 ISBN: 978 1 03530 750 0 Extent: 258 pp
This timely book provides 15 chapters of cutting edge academic work related to Post-Keynesian economics for the future: This includes stock-flow consistent modelling and analyses of the key challenges associated with the economic policies of sustainability.

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This timely book provides 15 chapters of cutting-edge academic work related to Post-Keynesian economics for the future. This includes stock-flow consistent modelling and analyses of the key challenges associated with the economic policies of sustainability.

The first part highlights the important challenges of understanding the increasingly disrupted macroeconomic system of global supply chains, fluctuating inflation and unsustainable development in an uncertain and unpredictable economic environment.

These changes call for an updated analytical framework at the global and national levels. For this purpose, the expert contributors firstly present a stock-flow consistent model framework to analyse these new conditions in order to achieve sustainable development in the future. The next sections contain contributions offering a renewed understanding of key macroeconomic phenomena such as Keynes’s fundamental uncertainty and principle of effective demand in an increasingly unstable economic and political system. Following chapters discuss how to re-establish and coordinate a demand-led and sustainable growth path using unconventional fiscal and monetary policy in an unpredictable global environment.

The book contains important updates of macroeconomic theory and method, and presents a number of empirical case-studies. It will be an indispensable read for scholars and students interested in the development within Post-Keynesian theory, policy and methodology. It will also be informative for civil servants working in the Treasury or banking sectors, and policymakers in public and private institutions making decisions for the future in an uncertain economic environment.
Critical Acclaim
‘This book is unique in the sense that it reflects the nascent broadening and transformation of Post Keynesian economics into questions about the contemporary consequences of economic activity and economic policy for the economy as a whole. More now than ever do the insights offered by Keynes as he portended the end of laissez-faire and the possibilities for our grandchildren come to the forefront in this collection of chapters by Jespersen, et al. The traditional divide between micro- and macroeconomics becomes blurred in favor of the distributional and environmental consequences of economic activity in the 21st century; as it should.’
– Roy Rotheim, Skidmore College, US

‘Society urgently needs effective macroeconomic theory and policy addressed to environmental sustainability and social justice, given the limitations of the mainstream macroeconomic approach. This welcome book edited by Jespersen, Olesen and Byrialsen addresses this need. It brings together an innovative and important collection of realist Post-Keynesian research which sets out an alternative approach at the levels of methodology, theory and policy.’
– Sheila Dow, University of Stirling, UK

‘This fascinating book by authorities in the field demonstrates the power of post-Keynesian economic theory to shed light on some very important questions of macroeconomic policy and methodology. The 15 chapters deal convincingly with the post-Keynesian approach to global warming, to monetary and fiscal policy, and to demand management more generally. Strongly recommended.’
– John King, La Trobe University, Australia
Contributors
Contributors include: Mikael Randrup Byrialsen, Anna Maria Carabelli, Etienne Espagne, Nguyen Thi Thu Hà, Eckhard Hein, Andrew Jackson, Jesper Jespersen, Thibault Laurentjoye, Mogens Ove Madsen, Jacques Mazier, Finn Olesen, Hamid Raza, Luis Reyes-Ortiz, Louis-Philippe Rochon, Peter Skott, Geoff Tily, Sebastian Valdecantos
Contents
Contents:

1 Introduction to Post Keynesian Economics 1
Therese Jefferson and John E. King
2 On the compatibility of post-Keynesian, Sraffian and
evolutionary economics 14
Neil Hart and Peter Kriesler
3 Credit, money, and production: post-Keynesian economics
and the circuit traditions 29
Louis-Phillipe Rochon
4 The contribution of modern monetary theory to heterodox
economics 48
Philip Armstrong
5 Modern Monetary Theory: the good, the bad and the ugly 72
Marc Lavoie
6 Identity, risk, and financial capitalism: a post Keynesian
research agenda on racial and gender stratification in the U.S. 90
Melanie G. Long
7 The Green New Deal in a Kaleckian model of growth and
distribution 111
Neil Perry
8 The Green New Deal: economic analysis and practical policy 131
Jonathan M. Harris
9 Macroeconomic theory and policy in the capitalism of
“permanent catastrophe” 146
Riccardo Bellofiore and Giovanna Vertova
10 Lessons from COVID-19: UK experience 167
Malcolm Sawyer
11 Inequality after Piketty 191
John E. King
12 Piketty, Post Keynesian economics and income distribution 207
Steven Pressman
13 Concluding thoughts to Post Keynesian Economics 226
Therese Jefferson and John E. King
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