In Defense of Post-Keynesian and Heterodox Economics: Responses to their Critics

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Frederic S. Lee, Marc Lavoie
Routledge, Nov 12, 2012 - Business & Economics - 280 pages
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Post-Keynesian and heterodox economics challenge the mainstream economics theories that dominate the teaching at universities and government economic policies. And it was these latter theories that helped to cause the great depression the United States and the rest of the world is in. However, most economists and the top 1% do not want mainstream theories challenged—for to do so would mean questioning why and how the 1% got where they are. Therefore, numerous efforts have been and are being made to discredit if not suppress Post-Keynesian and heterodox economics. These efforts have had some success; this book is a response to them.

This book makes it clear that Post Keynesian/heterodox economics is, in spite of internal problems, a viable and important approach to economics and that it should resist the attempts of the critics to bury it. The reader will also find arguments that directly engage the critics and suggest that their views/criticisms are vacuous and wrong. As such, this will appeal to all who are interested in economic theory, economic history and who believe in challenging the orthodoxy.

 

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Contents

1 Post Keynesians and others
1
perspectives for postKeynesian economics
18
3 Post Keynesian economics how to move forward
42
lessons for postKeynesian economists
62
5 Post Keynesianism heterodoxy and mainstream economics
87
6 Heterodox economics and its critics
104
pluralism in fragmented epistemological communities
133
8 Conversation or monologue? On advising heterodox economists with addendum
158
barriers and opportunities
172
notes on taxonomy
202
11 The global financial crisis and the role of engagement with the mainstream in the future of Post Keynesian economics
212
12 Notes on ideology and methodology with addendum
230
13 Whither heterodoxy? Or where is heterodox economics going?
241
Index
253
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About the author (2012)

Frederic S. Lee is Professor of Economics at the University of Missouri, Kansas City, USA.

Marc Lavoie is Professor of Economics at the University of Ottowa, Canada.

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