In this paper the main developments in post-Keynesian macroeconomics since the mid- 1990s will be reviewed. For this purpose the main differences between heterodox economics in general, including post-Keynesian economics, and orthodox economics will be reiterated and an overview over the strands...

After a brief review of the main differences between New and Old Keynesian economics from the sixties this paper focuses on a tension between traditional sluggish measures of potential output commonly used by policymakers and the New Keynesian (NK) notion of this variable which conceptualizes it...