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Heterodox vs Orthodox economics

NON-ORTHODOX PARADIGM HETERODOX PARADIGM POST-CLASSICAL PARADIGM RADICAL POLITICAL ECONOMY REVIVAL OF POLITICAL ECONOMY. ORTHODOX PARADIGM DOMINANT PARADIGM THE MAINSTREAM NEOCLASSICAL ECONOMICS. Heterodox vs Orthodox economics. HETERODOX PARADIGM. POST KEYNESIANS MONEY, UNCERTAINTY

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Heterodox vs Orthodox economics

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  1. NON-ORTHODOX PARADIGM HETERODOX PARADIGM POST-CLASSICAL PARADIGM RADICAL POLITICAL ECONOMY REVIVAL OF POLITICAL ECONOMY ORTHODOX PARADIGM DOMINANT PARADIGM THE MAINSTREAM NEOCLASSICAL ECONOMICS Heterodox vs Orthodox economics

  2. HETERODOX PARADIGM • POST KEYNESIANS MONEY, UNCERTAINTY (Fundamentalist Keynesians) • KALECKIANS DISTRIBUTION, GROWTH • SRAFFIANS PRICES, SURPLUS • INSTITUTIONALISTS INSTITUTIONS • EVOLUTIONARISTS TECHNICAL CHANGE • SOCIAL, HUMANISTIC SOCIO., PSYCHO • STRUCTURALISTS DEVELOPMENT • MARXISTS • MARXIANS DAS KAPITAL • RADICALS EXPLOITATION, CYCLES • REGULATION, SSA GRAND SCHEMES

  3. Heterodox schools and founders • POST KEYNESIANS Weintraub, Davidson,Minsky • KALECKIANS Kalecki, Robinson, Kaldor, • SRAFFIANS Sraffa, Pasinetti, Garegnani • INSTITUTIONALISTS Veblen, Galbraith • EVOLUTIONARISTS Schumpeter • SOCIAL ECONOMICS Mark Lutz • STRUCTURALISTS Lance Taylor • MARXISTS • MARXIANS • RADICALS Sherman, Marglin • REGULATION SCHOOL Boyer, Bowles and Weisskopf

  4. Current leaders • Post Keynesians: Davidson, Chick • Kaleckians: Sawyer, Fazzari,Bhaduri • Sraffians: Kurz, Nell • Institutionalists: Fred Lee • Kaldorians: Godley, Thirlwall, Dutt • Ecclectic authors go accross all or at least two of the categories

  5. INFLUENCES ON WYNNE GODLEY CAMBRIDGE Nicholas KALDOR Monetary economics Regional policies Open economy Disequilibrium OXFORD Roy Harrod Foreign trade multiplier OXFORD P.W.S. ANDREWS HALL (& HITCH) Costing, Pricing Wynne GODLEY James TOBIN Porfolio theory Adding-up constraints Stock-flow coherence CAMBRIDGE ECONOMIC POLICY GROUP 1970s GODLEY AND CRIPPS «Macroeconomics» 1982 Augusto GRAZIANI Monetary circuit theory Coutts, Godley, Nordhaus «Industrial pricing» 1978 LEVY INSTITUTE,1990s CERF, 2000s Forecasting SFC models

  6. PRESUPPOSITIONS OF THE TWO OVERALL PARADIGMS

  7. ESSENTIAL POST-KEYNESIAN FEATURES • The principle of effective demand • Both in the short and in the long run • The importance and irreversibility of time • Historical time • Dynamics, the traverse

  8. AUXILIARY POST-KEYNESIAN FEATURES • Fundamental uncertainty • A Production monetary economy • Alternative microeconomics • Possible detrimental effects of price flexibility • Pluralism of methods and theories

  9. New Keynesians vs Post-Keynesians • There are three kinds of New Keynesians • First kind: based on nominal rigidies (Blinder); policies are little different from those of New classicals • Second kind: based on asymetric information and real rigidities (Stiglitz): short-run only? • Third kind: based on coordination problems, with multiple equilibria and auto-prophetic expectations (Grandmont); closest to pke despite general eq. approach.

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