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Predicting the ‘Global Financial Crisis’: Post‐Keynesian Macroeconomics
Author(s) -
Keen Steve
Publication year - 2013
Publication title -
economic record
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.365
H-Index - 42
eISSN - 1475-4932
pISSN - 0013-0249
DOI - 10.1111/1475-4932.12016
Subject(s) - economics , post keynesian economics , keynesian economics , financial crisis , mainstream economics , mainstream , new keynesian economics , outcome (game theory) , macroeconomics , applied economics , monetary policy , mathematical economics , philosophy , theology
The ‘Global Financial Crisis’ is widely acknowledged to be a tail event for neoclassical economics (Stevens, 2008), but it was an expected outcome for a range of non‐neoclassical economists from the Austrian and post‐Keynesian schools. This article provides a survey of the post‐Keynesian approach for readers who are not familiar with this literature. It will briefly cover the history of how post‐Keynesian economics came to diverge so much from the neoclassical mainstream, and focus on post‐Keynesian macroeconomics today and its alternative indicators of macroeconomic turbulence.