Challenges for Post-Keynesian Macroeconomics

Authors

Peter Skott, University of Massachusetts - AmherstFollow

Working Paper Number

2018-03

Publication Date

2018

Abstract

Post-Keynesian macroeconomics faces several challenges. The labor market and the supply side, first, have not been getting the attention that they deserve in post-Keynesian growth theory. The failings of the Lucas-type microeconomic foundations, second, must not lead to a neglect of microeconomic behavior. Convincing macroeconomic theories must recognize and address the connections between macroeconomic relations and the microeconomic behavior whose aggregate manifestation the relations represent. Microeconomic behavior, third, takes place within an institutional structure that shapes economic behavior and economic outcomes. Macroeconomic theory must be both behavioral and structuralist.

DOI

https://doi.org/10.7275/11777017

License

UMass Amherst Open Access Policy

Recommended Citation

Skott, Peter, "Challenges for Post-Keynesian Macroeconomics" (2018). UMass Amherst Economics Working Papers. 240.
https://doi.org/10.7275/11777017