Post Keynesian Economics
Summer Academy for Pluralist Economics, 2021
|Workshop (online)||5 ECTS||1 week block course||English|
Qualification goals / Outcome:
After completing the workshop in Post Keynesian Economics participants should be able to describe the main differences and similarities between PKE and other schools of thought. They should understand the main theoretical foundations in PKE and have a basic understanding of Post-Keynesian models, including SFC models. They should also be able to explain what hysteresis is and be able to discuss policy proposals such as a job guarantee.
The workshop begins with a discussion of the historical development of PKE and a comparison with different schools of thought. Participants will learn the main theoretical foundations within the PK school, with modules dedicated to the theories of choice,output and employment, endogenous money and monetary policy, inequality and inflation, and theories of growth. The foundations of SFC modeling will be presented, and two topical issues (job guarantee and hysteresis) will be discussed.
Workshop - Mixture of new content a lecture, prepared reading, and short presentations and in-class discussion. There will be some working tasks during the sessions and discussion will be encouraged. Participants will also take some time to develop a final project that will be presented in the final plenary session of the summer academy.
Kind of module:
This Module can either be accomplished in a compulsory or elective module, depending on the degree programme. In every degree programme it might be suited for elective or transdisciplinary modules. In degree programmes in economics or with parts in economics, it might be suited for advanced courses, too.
Requirements for participation:
English level B2
Basic knowledge macroeconomics
Requirements for granting credit points
|contact times||self-study||exam preparation||marking|
|30 h||30 h||90 h||yes|
The assessment will be an essay which will be graded following a evaluation sheet.
Module teaching staff
- What is Post-Keynesian Economics (PKE)
Lavoie (2014) Chapter 1; Hein (2017)
- PKE Theory of choice
Lavoie (2014) Chapter 2
- PKE Theories of Output and Employment
Lavoie (2014) Chapter 5
- PKE on Money, Monetary Policy and Inflation
Lavoie (2014) Chapter 4
- PKE on Growth and Inequality
Hein (2014) Chapter 1, 6, 7
- Introduction to SFC modelling
Caverzasi and Godin (2015), Nikiforos and Zezza (2017); Godley and Lavoie (2007)
- Topical issues: hysteresis and Job Guarantee
Godin (2014); Tcherneva (2018); Cross (1993); Lavoie (2015); Sawyer (2003; 2004)
- Lavoie, M. (2014) Post-Keynesian Economics: New Foundations, Edward Elgar Publishing Ltd, 2014, 688 pages.
- Hein, E. (2017): Post-Keynesian macroeconomics since the mid-1990s – main developments, European Journal of Economics and Economic Policies: Intervention, 14 (2): 131-172.
- Caverzasi, E., & Godin, A. (2015). Post-Keynesian stock-flow-consistent modelling: A survey. Cambridge Journal of Economics, 39(1), 157–187. https://doi.org/10.1093/cje/beu021
- Nikiforos, M., & Zezza, G. (2017). Stock-Flow Consistent Macroeconomic Models: A Survey. Journal of Economic Surveys, 31(5), 1204–1239. https://doi.org/10.1111/joes.12221
- Godley, W., & Lavoie, M. (2012). Monetary economics: An integrated approach to credit, money, income, production and wealth / Godley, Wynne; Lavoie, Marc (hower.160214). HoWeR. https://search.ebscohost.com/login.aspx?direct=true&db=cat03458a&AN=hower.160214&site=eds-live
- Godin, A. (2014). Job Guarantee: A Structuralist Perspective (edsbas.5CB4924E). BASE. http://regulation.revues.org/10988
- Tcherneva, P., 2018, “The Job Guarantee: Design, Jobs, and Implementation”, Levy Institute Working Paper, No. 902.
- Cross, R., 1993, “On the Foundations of Hysteresis in Economic Systems”, Economics and Philosophy, 9, 1, 53-74.
- Cross, R., & Lang, D. (2011). The NAIRU: Still “Not An Interesting Rate of Unemployment.” European Journal of Economics and Economic Policies: Intervention. https://hal.archives-ouvertes.fr/hal-01366010
- Sawyer, M. (2003): Employer of last resort: could it deliver full employment and price stability?, Journal of Economic Issues, 37: 881-907.
- Sawyer, M. (2004): Employer of last resort: a response to my critics, Journal of Economic Issues, 38: 256-264