Premium
On the Coherence of Post‐Keynesian Economics
Author(s) -
Walters Bernard,
Young David
Publication year - 1997
Publication title -
scottish journal of political economy
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.4
H-Index - 46
eISSN - 1467-9485
pISSN - 0036-9292
DOI - 10.1111/1467-9485.00061
Subject(s) - coherence (philosophical gambling strategy) , economics , post keynesian economics , keynesian economics , variety (cybernetics) , neoclassical economics , new keynesian economics , relation (database) , positive economics , physics , quantum mechanics , computer science , monetary policy , database , artificial intelligence
Recently the claim that post‐Keynesianism represents a coherent alternative to orthodox/neoclassical theory has regained favour with many leading post‐Keynesians. The purpose of this paper is to consider the basis for any such claim that post‐Keynesianism is a coherent alternative. A variety of forms of coherence are considered in relation to post‐Keynesian analyses and a number of shortcomings are identified. The broad conclusion is that post‐Keynesianism has not yet decided upon its preferred conception of coherence and consequently, cannot be regarded, at present, as an alternative school of economic thought.