Retour sur le projet d'ordre monétaire international de Keynes

Tom Palley provides a very clear and insightful description of the post-Keynesian school of economics by tracing back its connections to the different historical schools of thought.

This paper presents an overview of different models which explain financial crises, with the aim of understanding economic developments during and possibly after the Great Recession. In the first part approaches based on efficient markets and rational expectations hypotheses are analyzed, which however do not give any explanation for the occurrence of financial crises and thus cannot suggest any remedies for the present situation. A broad range of theoretical approaches analyzing financial crises from a medium term perspective is then discussed. Within this group we focused on the insights of Marx, Schumpeter, Wicksell, Hayek, Fisher, Keynes, Minsky, and Kindleberger. Subsequently the contributions of the Regulation School, the approach of Social Structures of Accumulation and Post-Keynesian approach, which focus on long-term developments and regime shifts in capitalist development, are presented. International approaches to finance and financial crises are integrated into the analyses. We address the issue of relevance of all these theories for the present crisis and draw some policy implications. The paper has the aim to find out to which extent the different approaches are able to explain the Great Recession, what visions they develop about future development of capitalism and to which extent these different approaches can be synthesized.

Renowned scholars elaborate a critique on neoclassical economics and how it was unable to predict and even favoured the financial crisis. They refer to DSGE models, equilibrium theory and rational agents – a brief insight in the critique on neoclassic economics.

Was bedeutet Wirtschaftsdemokratie und wie werden darin Entscheidungen getroffen? Wie unterscheidet sich Wirtschaftsdemokratie von Mitsprache und kann über Wohlstand und Wachstum demokratisch entschieden werden? Alex Demirovic stellt im Rahmen der Ringvorlesung „Wohlstand ohne Wachstum“ Überlegungen zur Anwendung demokratischer Entscheidungen auf Produktion und Finanzmärkte an. Dabei hinterfragt er die Dichotomie von Markt und Staat und diskutiert, welche Folgen Wirtschaftsdemokratie für die Konzepte Eigentum, unternehmerische Freiheit oder Wettbewerbsfähigkeit hat.

The book provides an excellent comparative perspective on New Keynesian "New Consensus" economics and Post-Keynesian Economics at a beginner level. It also offers an interactive tool to understand how the economic models work, especially from a heterodox / pluralist perspective.