Progressive Post-Keynesian Economics


Progressive Post-Keynesian Economics

Dealing with Reality

9781788119870 Edward Elgar Publishing
Edited by Jesper Jespersen, Professor of Economics, Roskilde University and Adjunct Professor, Aalborg University, Denmark and Finn Olesen, Professor, Aalborg University, Denmark
Publication Date: 2019 ISBN: 978 1 78811 987 0 Extent: 200 pp
This book is devoted to the progression of Post-Keynesian economics, taking stock of the previous 10 years of persistent imbalances in many dimensions of macroeconomic ‘reality’. This has given inspiration to Post-Keynesian scholars to make innovative contributions in areas like methodology, macroeconomic modelling and teaching. One challenge discussed in several chapters is how to model a complex macro-system where microeconomic uncertainty is increasing? This aspect is elaborated in a number of contributions which focus on the role of the financial sector and financialization for macroeconomic disruptions. Additional chapters deal with teaching and the use of case-studies for a better understanding of the real world economy.

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This timely book is devoted to the advance of post-Keynesian economics, covering the last ten years of persistent and nuanced disparities in many dimensions of macroeconomic ‘reality’.

Taking a pluralistic approach to modern Keynesian economics, the book presents innovative contributions to methodology, analyses of financialization and macroeconomic modeling. It explores how to model a complex macro-system at a time when economic uncertainty is dominant. Rich case studies examine increasing macroeconomic imbalances, paving the way for a better understanding of the political challenges of the future. With chapters dedicated to teaching macroeconomics, the book adopts a practical stance, exploring the notion of moving away from mathematical modeling towards problem-based learning.

Provocative and comprehensive, this book is crucial reading for all macroeconomists, from academic researchers to ministerial officials, seeking guidance on dealing with macroeconomic ‘reality’. Postgraduate students of heterodox economics and political economy will also benefit from the innovative contributions of top post-Keynesian scholars, offering an alternative understanding of contemporary macroeconomic theory.
Critical Acclaim
‘Progressive Post-Keynesian Economics exemplifies beautifully the badly needed approach to economic theory and policy, which starts from real-life economic problems and is open to genuine dialogue with other approaches and social sciences. Discussing many key aspects of post-Keynesian theory, policy and teaching in an open-minded and realist manner, this book provides solid building blocks for a 21st century political economy that integrates insights and draws conceptions from a diversity of approaches. The era of one-sided abstract mathematical modelling that is detached from reality yet often functions as free-market ideology is over. Highly recommended!''
– Heikki Patomäki, University of Helsinki, Finland
Contributors: M.R. Byrialsen, S. Dow, A. Fasianos, B. Gudmundsson, D. Guevara, E. Hein, G Hill, J. Holm Ingemann, M. Lykketoft, J. Jespersen, M.O. Madsen, P.T. Madsen, F. Olesen, C. Pierros, H. Raza, M. Sawyer, U. Şener, P. Skott, S. Voss, G. Zoega


1. Opportunities and Challenges for Post-Keynesian Economics?
Sheila Dow

2. Challenges for Post-Keynesian macroeconomics: a behavioural and structuralist perspective
Peter Skott

3. The Microfoundation and Autonomous Agents: G.L.S. Shackle as a front-runner to Progressive Post-Keynesian Economics
Greg Hill

4. Ergodicity/Non-ergodicity or else?
Finn Olesen

5. Schumpeter and Keynes after the Financial Crisis: Progressive Post-Keynesian opportunities?
Stefan Voss

6. Financialisation and the dysfunctional nature of the financial system
Malcolm Sawyer

7. Recognition of early financialisation in the writings of John Maynard Keynes
Diego Guevara, Apostolos Fasianos and Christos Pierros

8. Central Bank Independency and the Idea of Money Neutrality: Re-considering the theoretical link
Ulas Sener

9. A Post-Keynesian model of the balance of payments crisis
Hamid Raza, Mikael Randrup Byrialsen, Bjorn Runar Gudmundsson and Gylfi Zoega

10. Stagnation policy in the Eurozone and Post-Keynesian economic policy alternatives
Eckhard Hein

11. Problem-Based Learning and Mainstream Economics: Post-Keynesian Economics to the rescue?
Jan Holm Ingemann and Poul Thøis Madsen

12. Teaching macroeconomics: how to benefit from Problem-Based Learning
Mogens Ove Madsen and Finn Olesen

13. Do not blindly trust economists
Mogens Lykketoft


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