DOCSLIB.ORG

The Emergence of Post Keynesian-Heterodox Economics In

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Emergence of Post Keynesian-Heterodox Economics In 1 MAKING HISTORY BY MAKING IDENTITY AND INSTITUTIONS: THE EMERGENCE OF POST KEYNESIAN-HETERODOX ECONOMICS IN BRITIAN, 1974 - 1996 By Dr. Frederic S. Lee EAEPE 2007 Conference November 1 – 3, 2007 Universidade Porto Porto, Portugal Department of Economics 211 Haag Hall University of Missouri-Kansas City 5100 Rockhill Road Kansas City, Missouri 64110 USA E-mail: [email protected] 2 MAKING HISTORY BY MAKING IDENTITY AND INSTITUTIONS: THE EMERGENCE OF POST KEYNESIAN-HETERODOX ECONOMICS IN BRITIAN, 1974 - 1996 ABSTRACT The complexity of the history of heterodox economics combined with the lack of extensive detailed studies on components of the history means that it is not yet possible to produce a general history of heterodox economics or a generalized historical identity of heterodox economists. Some detailed studies have been produced on specific heterodox theories and on the organizational and institutional components of the history and thereby have contributed to creating a historical identity for heterodox economists, This paper is a further contribution to this agenda in that it reconstructs the historical emergence of Post Keynesian-heterodox economics in terms of identity, institutions, and organizations in Britain from 1974 to 1996. In 1970 the Conference of Socialist Economists (CSE) was formed with the purpose of developing a Marxian-heterodox economics. Although initially successful, by 1975 it was split by disagreement over the validity of Marxian economic theory, with a number of economists leaving the CSE. But outside the CSE circa 1974 was an intellectual wilderness—and this is where the story starts. Thus the first section deals with the non-Cambridge and Cambridge efforts to create a Post Keynesian-heterodox identity and institutional and organizational support for that identity from 1974 to 1988; while the second section deals with the fruits of these efforts, that is the creation and activity of Post-Keynesian Economics Study Group, of the Malvern conferences, and of the development of various publishing outlets from 1988 to 1996. The final section concludes the paper with a discussion of the organization and identity of the community of Post Keynesian-heterodox economists. 3 MAKING HISTORY BY MAKING IDENTITY AND INSTITUTIONS: THE EMERGENCE OF POST KEYNESIAN-HETERODOX ECONOMICS IN BRITIAN, 1974 - 19961 Frederic S. Lee* 1 Introduction The complexity of the history of heterodox economics combined with the lack of extensive detailed studies on components of the history means that it is not yet possible to produce a general history of heterodox economics or a generalized historical identity of heterodox economists. Some detailed studies have been produced on specific heterodox theories and on the organizational and institutional components of the history and thereby have contributed to creating a historical identity for heterodox economists, This article is a further contribution to this agenda in that it reconstructs the historical emergence of Post Keynesian-heterodox economics in terms of identity, institutions, and organizations in Britain from 1974 to 1996. In 1970 the Conference of Socialist Economists (CSE) was formed with the purpose of developing a Marxian-heterodox economics. Although initially successful, by 1975 it was split by disagreement over the validity of Marxian economic theory, with a number of economists leaving the CSE. But outside the CSE circa 1974 was an intellectual wilderness—and this is where the story starts. Thus the first section deals with the non-Cambridge and Cambridge efforts to create a Post Keynesian-heterodox identity and institutional and organizational support for that identity from 1974 to 1988. The second section deals with the fruits of these efforts, that is the creation and activity of Post-Keynesian Economics Study Group, of the Malvern conferences, and of the development of various publishing outlets from 1988 to 1996, when the community of Post Keynesian-heterodox economists was well-established— 4 hence where the story ends. The final section concludes the article with a discussion of the organization and identity of the community of Post Keynesian-heterodox economists. 2. Creating Post Keynesian-Heterodox Identity, 1974 - 1988 Outside of the CSE in the early 1970s there were no national academic organizations that heterodox economists could identify with and be drawn to; there were no academic economic journals to which to submit papers; and there were no annual economic conferences or nationally-oriented seminars to attend. In short, there were, outside CSE and with the exception of Cambridge, almost no local and no regional and national organizations in place in the early 1970s that could contribute to the creation of a Post Keynesian-heterodox identity. Thus, to purse the type of economics they found interesting, heterodox economists outside of CSE found it necessary to build the institutions and organizations step-by-step and in this process the foundations for a Post Keynesian-heterodox identity was laid. And this difficult task was made much harder because, except for a significant concentration at Cambridge and a smaller concentration at Manchester, Post Keynesian-heterodox economists were sparsely spread throughout the old university sector while the majority of them were located in the poorer, less reputable polytechnic sector. 2.1 Building Institutions and Organization Outside of Cambridge In the 1970s, economists not engaged with the CSE also became skeptical of neoclassical economics and were, in hindsight, groping their way towards a Post Keynesian-heterodox approach.2 Because their skepticism often prevented them from obtaining employment in the university sector, many of them became employed in the polytechnic sector. Thus it is not surprising that the first attractor of skeptical qua heterodox economists outside of 5 Cambridge was the polytechnic-based Thames Papers in Political Economy. It was a series of occasional papers appearing three times a year co- produced at Thames Polytechnic (now University of Greenwich) and at North East London Polytechnic (now University of East London), which was started in 1974 by Thanos Skouras.3 The purpose of the Thames Papers was to stimulate public discussion of practical issues in political economy and to bring to the notice of a wider audience of economists controversial questions in economic theory.4 This meant that papers presenting non-neoclassical approaches to both theoretical and policy questions of political economy dominated its publications since they had no easy access to publication otherwise.5 The early publications reflected the broadly heterodox perspectives of Skouras and the early members of the editorial board, such as George Hadjimatheou and Yannis Kitromilides, as not any one particular theoretical viewpoint was championed--see for example Robinson (1974), Harcourt (1975), Nore (1976) and Green (1977). In 1978 there was a major change in the composition of the editorial board with Philip Arestis, Sami Daniel, and Klaus Heidensohn becoming members.6 This change coincided with a perceptible shift towards publishing Post Keynesian-oriented papers, beginning with Chick's 1978 paper, "Keynesians, Monetarists and Keynes: the end of the debate--or a beginning?" (1978a). In particular, Arestis became increasingly attracted to Post Keynesian economics as well active on the editorial board. When Skouras returned to Greece in 1983 to advise the Deputy Minister of National Economy, Arestis became co-editor (and eventually editor) and took charge of the editorial duties. By this time he was in contact with Alfred Eichner and had become a Post Keynesian economist with missionary zeal.7 Consequently, the shift to Post Keynesian papers became noticeable. 6 In 1982 the first paper with 'Post-Keynesian' in the title was published (see Harcourt, 1982) and that was quickly followed by four similar titles over the next four years--see Eichner (1983), Moore (1984), Arestis and Driver (1984), and Davidson (1986).8 In addition, nearly all the papers after 1986 until 1990 when Thames Papers ceased publication were written by Post Keynesian economists.9 Thus for the 1980s Thames Papers was an important ‘local’ publishing outlet for British Post Keynesians but more importantly it provided an institutional anchor for the development of Post Keynesian economics. [Daniel, 1999; Driver, 1999; and Skouras, 1999] A second development in this area was the establishment of the British Review of Economic Issues in 1977 by the Association of Polytechnic Teachers in Economics, which itself was established in 1972. The aims of the Association were to promote the development of economics teaching and to encourage research into economics in polytechnics and other institutions of higher education and the Review was started with this in mind. Skouras (1977 – 1984) was the first editor and almost immediately he was publishing papers of interest to Post Keynesian-heterodox economists--see Chick (1978b) and Arestis and Riley (1980). In 1983 the first paper with 'Post-Keynesian' in the title was published (Dabysing and Jones, 1983). In 1985 Arestis (1985 - 1988) became editor and the number of papers by and/or of interest to Post Keynesian-heterodox economists. Thus in a very short time, the Review became identified as a journal that would publish heterodox articles, with the result that by 1988 virtually every issue of the Review carried a heterodox-oriented article.10 In addition to journal publications, there were other activities
Load more

Recommended publications
  • Economics 1508 Catalogue Maggs Economics
    Maggs Catalogue 1508 Economics Economics Maggs Bros. Ltd. Catalogue 1508 Maggs Economics cat COVERS 210720.indd 1-3 21/07/2020 13:53 ECONOMICS Catalogue 1508 Economics catalogue 210720 B.indd 1 21/07/2020 13:49 Maggs Bros. Ltd. 48 Bedford Square, London, WC1B 3DR 46 Curzon Street, London, W1J 7UH Telephone: +44 (0)20 7493 7160 Email: [email protected] Cover image: photograph of Bertrand Russell, John Maynard Keynes and Lytton Strachey at Garsington circa 1915, taken from item 74; Keynes, Two Memoirs. © Maggs Bros. Ltd. 2020 Economics catalogue 210720 B.indd 2 21/07/2020 13:49 atalogue 1508 represents a broad survey of the history of economic thought, drawn primarily from a private collection and Csupplemented by recent additions to stock. There are several prominent threads here, including, inter alia: the intellectual rivalry between Cambridge and the London School of Economics, with Keynes and his ‘Circus’ on the one hand, and Hayek, Lionel Robbins, and their disciples on the other; correlatively, the lasting legacy of the Austrian School of Economics, represented by Eugen von Böhm-Bawerk, Joseph Schumpeter, Oskar Morgenstern, Friedrich von Wieser, amongst others; and the Victorian orthodoxy of John Stuart Mill and members of his ‘Circle’. The selection also covers diverse developments in twentieth century economic theory, including items relating to sixteen Nobel Prize winning economists, as well as works by eminent historians of economic thought, such as Jacob Viner, Joseph Schumpeter, George J. Stigler, Terence W. Hutchison, and Samuel
    [Show full text]
  • The Political Economy of Industrialisation in Iran, 1973-1978
    The Political Economy of Industrialisation in Iran, 1973-1978 Scheherazade Daneshkhu London School of Economics PhD /SST\ f L O f f t m i \mi.y UMI Number: U61574B All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a complete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. Dissertation Publishing UMI U615743 Published by ProQuest LLC 2014. Copyright in the Dissertation held by the Author. Microform Edition © ProQuest LLC. All rights reserved. This work is protected against unauthorized copying under Title 17, United States Code. ProQuest LLC 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106-1346 T h e s e s . r . 3 5^3 . M Library British Library of Political and Economic Science ( 2 T 8 5 5 / A b stract This is a study of the impact of international political relations on the domestic economic policy choices of an oil-exporting developing country with special reference to the case of Iran during 1973-1978. These years began with the four-fold increase in oil prices and ended in revolution with the overthrow of Mohammad Reza Pahlavi, the Shah. The analysis is centered on the inter-relationship between the political and the economic to find an explanation for the Shah’s decision to adopt a big push industrialisation strategy in 1974, against the advice of his technocrats, and the reasons for its failure.
    [Show full text]
  • Reflections on B.P. Adarkar's1 Years of High Theory2 1934
    Reflections on B.P. Adarkar’s1 Years of High Theory2 1934 - 19413 K. Vela Velupillai, Tottvägen 11 (1 tr), 169 54 Solna, Sweden. & Isabella M. Weber, Peterhouse, Cambridge, CB 2 1 RD, England “It is a tragedy that the basic contributions of B P Adarkar, … , on monetary theory and policy, … should have faded out of public memory in contemporary India.” Khatkhate, 1988 p. 2093; italics added. 7 December 2014 1 Bhalchandra Pundlik Adarkar (1903-1988), was – in the period relevant here – first, at the Benares Hindu University and, then, at Allahabad University, till 1941. Thereafter, he left University life for a successful, policy-oriented, career in the Indian Government, latterly in its diplomatic service, too (cf., J. Krishnamurty, 2011, Khatkhate, 1988 and Chandavarkar, 1988, 1989). There are a couple of curious inaccuracies in the Adarkar entry in Krishnamurthy (ibid). First of all, Adarkar’s classic ‘contribution to Keynesian thought’ was first published in 1935 [Velupillai’s copy of the 1935 edition of this important work once belonged to The University of Manchester library], not in 1939; the ‘Keynesian thought’ refers to the pre-General Theory contributions by Maynard Keynes, especially - but not only - to Monetary theory. Secondly, in the reprinted copy of the 1946 report by Adarkar, the first page of the body of the book (repeated on the back-cover blurb) states, ‘This book was originally published prior to 1923 .... .’ This must be an error, for at least two reasons: one, Adarkar would have been a ‘teenager’, if the statement in the blurb is correct on the dating of the ‘original’; secondly, Adarkar was not a ‘Member’ of the ‘Labour Investigation Committee’, of the Government of India till more than two decades later.
    [Show full text]
  • SOCIALIST PLANNING, Second Edition
    Cambridge University Press 978-0-521-35866-8 - Socialist Planning: Second edition Michael Ellman Frontmatter More information MODERN CAMBRIDGE ECONOMICS SOCIALIST PLANNING © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-35866-8 - Socialist Planning: Second edition Michael Ellman Frontmatter More information MODERN CAMBRIDGE ECONOMICS Editors: Phyllis Deane, Geoffrey Harcourt, Jan Kregel and Stephen Marglin Also in the series Phyllis Deane The Evolution of Economic Ideas Joan Robinson Aspects of Development and Underdevelopment A. K. Bagchi The Political Economy of Underdevelopment Eprime Eshag Fiscal and Monetary Problems and Policies in Developing Countries © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-35866-8 - Socialist Planning: Second edition Michael Ellman Frontmatter More information SOCIALIST PLANNING Michael Ellman Professor of Economics University of Amsterdam Second edition The right of the University of Cambridge to print and sell all manner of books was granted by Henry VIII in 1534. The University has printed and published continuously since 1584. CAMBRIDGE UNIVERSITY PRESS CAMBRIDGE NEW YORK PORT CHESTER MELBOURNE SYDNEY © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-0-521-35866-8 - Socialist Planning: Second edition Michael Ellman Frontmatter More information CAMBRIDGE UNIVERSITY PRESS Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, Sao Paulo, Delhi, Tokyo, Mexico City Cambridge University Press The Edinburgh Building, Cambridge CB2 8RU, UK Published in the United States of America by Cambridge University Press, New York www.cambridge.org Information on this title: www.cambridge.org/9780521358668 © Cambridge University Press 1989 This publication is in copyright.
    [Show full text]
  • Gazette 2018 7
    GazetteWadham College 2018 2018 Gazette 2018 7 Contents Fellows' List 4 Features The Editor 8 The Warden 9 Wadham in 1618 67 The Domestic Bursar 12 Betjeman and Bowra 70 Staff List 14 The Remarkable Mrs Wadham (Senior) 73 The Finance Bursar 18 The 2nd Year 76 The Development Director 20 Book Reviews 78 The Senior Tutor 24 The Tutor for Access 26 College Record The Chapel and Choir 28 In Memoriam 86 The Sarah Lawrence Programme 30 Obituaries 88 The Library 32 Fellows' news 106 Emeritus Fellows' news 110 Clubs, Societies New Fellows 110 and Activities Visiting Fellows 113 1610 Society 36 Alumni news 115 Wadham Alumni Society 38 Degrees 118 Law Society 42 Donations 120 Medical Society 43 The Academic Record Wadham Alumni Golf Society 44 The Student Union 45 Graduate completions 140 MCR 46 Final Honour School results 143 Lennard Bequest Reading Party 48 First Public Examination results 145 Sports Prizes 147 Cricket 50 Scholarships and Exhibitions 149 Football 52 New Undergraduates 152 Rowing 54 New Graduates 156 Rugby 57 2019 Events 160 Netball 58 Squash 60 Tennis 60 Hockey 61 Water polo 62 Power lifting 62 www.wadham.ox.ac.uk Fellows’ list 5 Darren J. Dixon Thomas W. Simpson Samuel J. Williams Fellows’ list Professor of Organic Senior Research Fellow in Wadham College Law Chemistry, Knowles–Williams Philosophy and Public Policy Society Fellow by Special Fellow and Tutor in Organic and Senior Treasurer of Election Philip Candelas, FRS Martin G. Bureau Chemistry Amalgamated Clubs WARDEN Judy Z. Stephenson Rouse Ball Professor of Professor of Astrophysics Nathalie Seddon Susan M.
    [Show full text]