This paper presents the current “state of the art” of Post-Keynesian modelling, as well as the most important issues raised by it. We first present a new formal statement of the Keynes' model, highlighting the importance of the “static model of a dynamic process”, and insisting on the...

This paper proposes a Keynesian view of the current financial crisis, its economic consequences, and solutions to get out of it. We argue that the mainstream economists could not see the crisis coming because of the self-adjusting properties of their economic models. Keynes's theory, on the...

While mainstream policies may be beyond improvement in the enchanted ›optimizable‹ world, Post Keynesians have to manage without a magic wand in our uncertain world. We discuss the alternative policies proposed in the recent Post Keynesian literature and argue that control of...

The paper examines the main instruments involved in Europe's "new" strategy in 2012. It explains why none are suited to the current challenges in terms of growth recovery and public debt control. The reason is basically that all the instruments focus on factor cost reductions (capital and...

This paper presents the main interpretations of the crisis that have been built within the mainstream general framework. Three theses are examined: the "money glut," the "saving glut," and "information asymmetry" à la Stiglitz. It is argued that the mainstream explanations suffer logical...

This paper presents the current "state of the art" of Post Keynesian modeling, as well as the most important issues raised by it. We first present a new formal statement of Keynes's model. We then analyze the three most important classes of Post Keynesian contemporary models: the Kaleckian...

Divided into two parts, this book presents a detailed, multi-faceted analysis of banking and monetary policy. The first part examines the role of central banks within an endogenous money framework. These chapters address post-Keynesian interest rate policy, monetary mercantilism, financial...