postkeynésiennes

Post-Keynesian economics is a school of heterodox economic thought that builds upon the work of John Maynard Keynes but diverges from mainstream Keynesianism. Key tenets of post-Keynesianism include a focus on uncertainty, the role of money and finance, and the importance of historical time. Unlike neoclassical synthesis approaches that often treat uncertainty as mere risk, post-Keynesians emphasize radical uncertainty, where future outcomes are fundamentally unknowable and not reducible to probabilities.

They highlight the endogenous nature of money, arguing that money is not merely a neutral medium of exchange but a social relation that arises from debt contracts. Financial markets and institutions play a central role in their analysis, with a particular emphasis on how financial instability can impact the real economy. Post-Keynesians also stress that economic processes unfold over historical time, meaning that past events and expectations about the future have lasting and irreversible effects, a concept known as path dependence.

Key figures associated with post-Keynesian economics include Joan Robinson, Nicholas Kaldor, Hyman Minsky, and Paul Davidson. Their policy prescriptions often advocate for active government intervention to stabilize the economy, manage aggregate demand, and mitigate financial crises, though their reasoning and specific proposals may differ from mainstream Keynesianism. They tend to be skeptical of the self-stabilizing properties of free markets and often propose policies such as demand management, regulation of financial institutions, and a greater role for fiscal policy.