In Defense of Post-Keynesian and Heterodox Economics

Responses to their Critics

Edited by Frederic S. Lee, Marc Lavoie

© 2012 – Routledge

264 pages

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About the Book

Post-Keynesian and heterodox economics challenge the mainstream economics theories that dominate the teaching at universities and government economic policies. And it was these latter theories that helped to cause the great depression the United States and the rest of the world is in. However, most economists and the top 1% do not want mainstream theories challenged—for to do so would mean questioning why and how the 1% got where they are. Therefore, numerous efforts have been and are being made to discredit if not suppress Post-Keynesian and heterodox economics. These efforts have had some success; this book is a response to them.

This book makes it clear that Post Keynesian/heterodox economics is, in spite of internal problems, a viable and important approach to economics and that it should resist the attempts of the critics to bury it. The reader will also find arguments that directly engage the critics and suggest that their views/criticisms are vacuous and wrong. As such, this will appeal to all who are interested in economic theory, economic history and who believe in challenging the orthodoxy.

Table of Contents

Preface: The Future of Post-Keynesian Economics and Heterodox Economics Contra Their Critics Frederic S. Lee and Marc Lavoie 1. Post-Keynesians and Others John King 2. After the Crisis: Perspectives for Post-Keynesian Economics Marc Lavoie 3. Post-Keynesian Economics - How to Move Forward Engelbert Stockhammer and Paul Ramskogler 4. A Guide to Paradigmatic Self-Marginalization: Lessons for Post-Keynesian Economists Leonhard Dobusch and Jakob Kappeler 5. Post-Keynesianism, Heterodoxy, and Mainstream Economics David Dequech 6. Heterodox Economics and its Critics Frederic S. Lee 7. Building Heterodox Community: Pluralism in Fragmented Epistemological Communities Barbara E. Hopkins 8. Conversation or Monologue? On Advising Heterodox Economists with Addendum Matias Vernengo 9. Economics Fit for the Queen: Barriers and Opportunities Peter E. Earl and Ti-Ching Peng 10. Orthodoxy, Heterodoxy, and Post-Keynesian Economics: Notes on Taxonomy Gary Mongiovi 11. The Global Financial Crisis and the Role of Engagement with the Mainstream in the Future of Post-Keynesian Economics Louis-Philippe Rochon and Peter Docherty 12. Notes on Ideology and Methodology with Addendum Duncan K. Foley 13. Whither Heterodoxy? Or Where is Heterodox Economics Going? Liem Hoang-Ngoc

About the Editors

Frederic S. Lee is Professor of Economics at the University of Missouri, Kansas City, USA.

Marc Lavoie is Professor of Economics at the University of Ottowa, Canada.

About the Series

Routledge Advances in Heterodox Economics

Over the past two decades, the intellectual agendas of heterodox economists have taken a decidedly pluralist turn.  Leading thinkers have begun to move beyond the established paradigms of Austrian, feminist, Institutional-evolutionary, Marxian, Post Keynesian, radical, social, and Sraffian economics—opening up new lines of analysis, criticism, and dialogue among dissenting schools of thought.  This cross-fertilization of ideas is creating a new generation of scholarship in which novel combinations of heterodox ideas are being brought to bear on important contemporary and historical problems.

Routledge Advances in Heterodox Economics aims to promote this new scholarship by publishing innovative books in heterodox economic theory, policy, philosophy, intellectual history, institutional history, and pedagogy.  Syntheses or critical engagement of two or more heterodox traditions are especially encouraged.

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Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS023000
BUSINESS & ECONOMICS / Economic History
BUS069000
BUSINESS & ECONOMICS / Economics / General
BUS069030
BUSINESS & ECONOMICS / Economics / Theory