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Many heterodox strands of thought share both a concern with the study of different phases or growth regimes in the history of capitalism and the use of formal short-run models as an analytical tool. This text suggests that: (1) this strategy is potentially misleading; (2) that the stock-flow...
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This paper argues that modified versions of the so-called “New Cambridge” approach to macroeconomic modeling are both quite useful for modeling real capitalist economies in historical time and perfectly compatible with the “vision” underlying modern Post-Keynesian stock-flow consistent...
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) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the … leave out the parallel developments in finance theory - with its efficient markets hypothesis - and in approaches to … 12 and 17 of the General Theory. It essentially reduced Keynes to sticky wages and prices, with nonneutral money only in …
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