Engagement with the Mainstream in the Future of Post Keynesian Economics

Rochon, LP; Docherty, P

Engagement with the Mainstream in the Future of Post Keynesian Economics

Rochon, LP Docherty, P

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Publication Type:: Journal Article
Citation:: Review of Political Economy, 2012, 24 (3), pp. 503 - 518
Issue Date:: 2012-07-01

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Field	Value	Language
dc.contributor.author	Rochon, LP	en_US
dc.contributor.author	Docherty, P https://orcid.org/0000-0002-9975-6435	en_US
dc.date.issued	2012-07-01	en_US
dc.identifier.citation	Review of Political Economy, 2012, 24 (3), pp. 503 - 518	en_US
dc.identifier.issn	0953-8259	en_US
dc.identifier.uri	http://hdl.handle.net/10453/22637
dc.description.abstract	This paper examines the reasons for the difficulties Post Keynesian economics has had in supplanting mainstream neoclassical theory and for its resulting marginalization. Three explanations are given: intellectual, sociological and political, where the latter two are largely responsible for the current relationship of Post Keynesian economics to the mainstream. The paper also reviews various strategies for improving the future of Post Keynesian economics, including a focus on methodological issues by maintaining an 'open systems' approach; a strategy of 'embattled survival'; the development of a positive alternative to mainstream economics; a strategy of 'constructive engagement' with the mainstream; and a dialogue with policymakers. While the global financial crisis has increased the potential for constructive engagement with the mainstream, significant barriers remain to the effectiveness of this approach. The crisis has, however, enhanced the possibility of engaging directly with policymakers and gaining a greater role in management education. © 2012 Copyright Taylor and Francis Group, LLC.	en_US
dc.relation.ispartof	Review of Political Economy	en_US
dc.relation.isbasedon	10.1080/09538259.2012.701931	en_US
dc.subject.classification	Economics	en_US
dc.title	Engagement with the Mainstream in the Future of Post Keynesian Economics	en_US
dc.type	Journal Article
utslib.citation.volume	3	en_US
utslib.citation.volume	24	en_US
utslib.for	1606 Political Science	en_US
utslib.for	1402 Applied Economics	en_US
utslib.for	1401 Economic Theory	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Economics Discipline
utslib.copyright.status	closed_access
pubs.issue	3	en_US
pubs.publication-status	Published	en_US
pubs.volume	24	en_US

Abstract:

This paper examines the reasons for the difficulties Post Keynesian economics has had in supplanting mainstream neoclassical theory and for its resulting marginalization. Three explanations are given: intellectual, sociological and political, where the latter two are largely responsible for the current relationship of Post Keynesian economics to the mainstream. The paper also reviews various strategies for improving the future of Post Keynesian economics, including a focus on methodological issues by maintaining an 'open systems' approach; a strategy of 'embattled survival'; the development of a positive alternative to mainstream economics; a strategy of 'constructive engagement' with the mainstream; and a dialogue with policymakers. While the global financial crisis has increased the potential for constructive engagement with the mainstream, significant barriers remain to the effectiveness of this approach. The crisis has, however, enhanced the possibility of engaging directly with policymakers and gaining a greater role in management education. © 2012 Copyright Taylor and Francis Group, LLC.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/22637