The ‘Global Financial Crisis’ is widely acknowledged to be a tail event for neoclassical economics (Stevens, 2008), but it was an expected outcome for a range of non‐neoclassical economists from the Austrian and post‐Keynesian schools. This article provides a survey of the...

The accepted theory of the firm abounds with fallacies, starting with one that has been known to be false since 1957 - the horizontal demand curve for the individual competitive firm. When these fallacies are corrected, nothing of substance remains. Equating marginal revenue & marginal cost does...

It is somewhat common for heterodox economists to come to the defense of neoclassical microeconomic theory. This is due to many reasons, but perhaps the commonest one is ignorance. It seems that most heterodox economists are not aware of the many critiques or that as a collective they completely...

The central propositions in Steedman’s 1992 paper "Questions for Kaleckians" were (a) that the input-output aspects of production must be taken account of in any account of price setting under capitalism; and (b) that one consequence of this is that the constraints which govern a mathematical...

This paper proposes that an axiomatic foundation for Post Keynesian economics exists in Marx. It has been shown elsewhere (Keen, S., 1993a, "Use-value, exchange-value and the demise of Marx's labor theory of value", Journal of the History of Economic Thought [JHET], Vol. 15, No. 1, pp. 107-121;...

The concept of "use-value" and the question of the source of value in Marx's economics are analysed. The traditional interpretation of Marx, which argues that use-value plays no role in his economics, is detailed. The evidence on Marx's employment of the concept is investigated. It is concluded...

The introduction of a General Theory perspective on investment into Hicks's trade cycle model generates a cyclical growth model which reconciles the apparently divergent visions of Harrod and Hicks. Growth occurs without the need to postulate autonomous investment, cycles occur without ceilings...