G. C. Harcourt - The Oxford Handbook of Post-Keynesian Economics, Volume 2: Critiques and Methodology

VOLUME 2

CRITIQUES AND METHODOLOGY

Edited by

G. C. HARCOURT

and

PETER KRIESLER

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Library of Congress Cataloging-in-Publication Data

The Oxford handbook of post-Keynesian economics / edited By G.C. Harcourt and Peter Kreisler.

p. cm.

Includes bibliographical references and index.

ISBN 9780195390766 (v. 1, cloth : alk. paper) ISBN 9780195390759 (v. 2, cloth : alk. paper) 1. Keynesian economics. 2. EconomicsHistory20th century. 3. EconomicsHistory21st century.

I. Harcourt, Geoffrey Colin. II. Kreisler, Peter.

HB99.7.O94 2013

330.156dc23

2012036948

1 3 5 7 9 8 6 4 2

Printed in the United States of America

on acid-free paper

Preface

Contributors

Introduction

G. C. HARCOURT AND PETER KRIESLER

1. On the Microfoundations of Macroeconomics

S. ABU TURAB RIZVI

2. Post-Keynesian Economics, Rationality, and Conventions

THOMAS A. BOYLAN AND PASCHAL F. OGORMAN

3. Methodology and Post-Keynesian Economics

SHEILA DOW

4. Post-Keynesian Perspectives on Some Philosophical Dimensions of Keyness Economic Thinking

GAY MEEKS

5. Two Post-Keynesian Approaches to Uncertainty and Irreducible Uncertainty

ROD ODONNELL

6. Interdisciplinary Applications of Post-Keynesian Economics

WYLIE BRADFORD

7. Post-Keynesian Economics, Critical Realism, and Social Ontology

STEPHEN PRATTEN

8. The Traverse, Equilibrium Analysis, and Post-Keynesian Economics

JOSEPH HALEVI, NEIL HART, AND PETER KRIESLER

9. A Personal View of Post-Keynesian Elements in the Development of Economic Complexity Theory and Its Application to Policy

J. BARKLEY ROSSER JR.

10. How Sound Are the Foundations of the Aggregate Production Function?

JESUS FELIPE AND J. S. L. MCCOMBIE

11. Marx and the Post-Keynesians

CLAUDIO SARDONI

12. Macroeconomics and the L-Shaped Aggregate Supply Curve

JAMES FORDER

13. A Post-Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics

JRG BIBOW

14. The Post-Keynesian Critique of the Mainstream Theory of the State and the Post-Keynesian Approaches to Economic Policy

RICHARD P. F. HOLT

15. A Modern Kaleckian-Keynesian Framework for Economic Theory and Policy

PHILIP ARESTIS AND MALCOLM SAWYER

16. Post-Keynesian Principles and Economic Policies

HEINRICH BORTIS

17. Post-Keynesian Distribution of Personal Income and Pay

JAMES K. GALBRAITH

18. Environmental Economics and Policy

NEIL PERRY

19. Theorizing about Post-Keynesian Economics in Australasia: Aggregate Demand, Economic Growth, and Income Distribution Policy

J. W. NEVILE AND PAUL DALZIEL

20. The Neoclassical Sink and the Heterodox Spiral: Why the Twin Global Crisis Has Not Transformed Economics

GARY A. DYMSKI

21. Keynesianism and the Crisis

LANCE TAYLOR

Index

THE gestation period of this two-volume Handbook on Post-Keynesian Economics is approaching five years. G. C. H. was asked by Michael Szenberg and Lall Ramrattan, the consulting editors of this series of handbooks with Oxford University Press, in the second half of 2007 to be a general editor of the volumes on post-Keynesian economics. He subsequently asked P. K., who was already commissioned to contribute chapters, to join him as joint editor in the first half of 2010. It was soon decided that two volumes would be needed as nominated contributors responded by saying yes. Inevitably, with such a wide-ranging project, some of those asked either declined immediately for good reasons or, also for good reasons, subsequently had to withdraw. Others gallantly came in, often well into the gestation period, to fill the gaps created. To all our contributors we offer a heartfelt thank-you.

The contributions themselves, though all are characteristic of their respective authors distinctive styles, are ideal for a handbook: they are comprehensive and clearly, excitingly, and engagingly written, and they point the way forward to future developments. While there were times when the thought herding cats did cross our minds, overwhelmingly it has been a rewarding and pleasant task cooperating with our contributors, who are either old and trusted dear friends or welcome new ones.

We are much indebted for outstanding expert help with emails and typing (for the computer illiterate G. C. H.) to Janet Nurse, Jane Starnes, Grace Setiawan, and Viet Ha Ngyuen.

More than ever, G. C. H. is indebted to Joan Harcourt for her love, support, and understanding about what he has promised to be the last large project he will ever undertake.

P. K., while not prepared to make a similar promise, is, as ever, indebted to Teresa Kriesler for her love and support during this project, without which it would not have been much fun.

G. C. H. and P. K.
School of Economics,
University of New South Wales
April 2012

Philip Arestis is Director of Research, Cambridge Centre for Economics and Public Policy, Department of Land Economy, University of Cambridge, UK; Professor of Economics, Department of Applied Economics V, University of the Basque Country, Spain.

Jrg Bibow is Associate Professor of Economics at Skidmore College, Saratoga Springs, New York, and Research Associate at the Levy Economics Institute, Annandale-on-Hudson, New York.

Heinrich Bortis is Professor of Political Economy at the Faculty of Economics and Social Sciences of the University of Fribourg, Switzerland.

Thomas A. Boylan is Personal Professor of Economics in the J. E. Cairnes School of Business and Economics at the National University of Ireland, Galway.