• Title/Summary/Keyword: Heterodox Economics

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Perspectives on the Post Keynesian Economics and their Possibilities as Alternative Economic Theory (포스트 케인지언 경제학의 전개과정과 대안 경제학으로서의 가능성)

  • Hong, Tae-Hee
    • 사회경제평론
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    • v.29 no.1
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    • pp.31-70
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    • 2016
  • This study provides a comprehensive survey of Post Keynesian economics. The global financial crisis 2008-2009 has triggered an important debate concerning economic theory, policy and methodology. The most important thing that this economic crisis has done for economics is that it revealed mainstream economics was wrong. Mainstream economics has been unable to offer clear answers for the crisis. The economic crisis, at the same time, brought about a crisis in the field of economics. This study suggests that economics needs to be altered into a new form that can explain the real world economy. In this paper, it is argued that Post Keynesian economics can be understood as the alternative economics. The paper begins with the vision and the origins of several Post Keynesian ideas, leading to an examination of certain features of the various groups, including their methodology and their approaches to uncertainty, their pricing theories and their growth theories. The focus, however, is on the stage reflected in Post Keynesian economics which is concerned with the conception of Lakatos's 'Scientific Research Programmes'. It is recognized that more research is necessary in order to complete the post keynesian economics as a standard science or as a progressive Scientific Research Programmes in economics.