THE OXFORD HANDBOOK OF POST-

VOLUME 1 THEORY AND ORIGINS

Edited by G. C. HARCOURT

and

PETER KRIESLER

OXFORDUNIVERSITY PRESS CONTENTS

Preface IX Contributors XI

Introduction I G. C. HARCOURT AND PETER KRIESLER

1. A Personal View of the Origins of Post-Keynesian Ideas in the History of Economics 45

2. Sraffa, Keynes, and Post-Keynesianism HEINZ D. KURZ

3. Sraffa, Keynes, and Post-Keynesians: Suggestions for a Synthesis in the Making 74 RICHARD ARENA AND STEPHANIE BLANKENBURG

4. On the Notion of Equilibrium or the Center of Gravitation in Economic Theory 101 AJIT SINHA

5. Keynesian Foundations of Post-Keynesian Economics 122 PAUL DAVIDSON

6. Money 138 L. RANDALL WRAY

7. Post-Keynesian Theories of Money and Credit: Conflicts and (Some) Resolutions 152 VICTORIA CHICK AND SHEILA DOW

8. The Scientific Illusion of New Keynesian Monetary Theory 167 COLIN ROGERS VI CONTENTS

9. Single-Period Analysis and Continuation Analysis of Endogenous Money: A Revisitation of the Debate between Horizontalists and Structuralists 188 GIUSEPPE FONTANA

10. Post-Keynesian , Godley-Like 203

11. and the Financial Instability Hypothesis 218 J. E. KING

12. Endogenous Growth: A Kaldorian Approach 231 MARK SETTERFIELD

13. Structural Economic Dynamics and the Cambridge Tradition 257 PRUE KERR AND ROBERTO SCAZZIERI

14. The Cambridge Post-Keynesian School of Income and Wealth Distribution 288 MAURO BARANZINI AND AMALIA MIRANTE

15. Reinventing : What Are the Questions? 362 EDWARD J. NELL

16. Long-Run Growth in Open Economies: Export-Led Cumulative Causation or a Balance-of-Payments Constraint? 390 ROBERT A. BLECKER

17. Post-Keynesian Precepts for Nonlinear, Endogenous, Nonstochastic, Business Cycle Theories 415 K. VELA VELUPILLAI

18. Post-Keynesian Approaches to Industrial Pricing: A Survey and Critique 443 KEN COUTTS AND NEVILLE NORMAN

19. Post-Keynesian Price Theory: From Pricing to Market Governance to the Economy as a Whole 467 FREDERIC S. LEE

20. Kaleckian Economics 485 ROBERT DIXON AND JAN TOPOROWSKI CONTENTS VII

21. Wages Policy 510 J. E. KING

22. Discrimination in the Labor Market 523 PETER RIACH AND JUDITH RICH

23. Post-Keynesian Perspectives on Economic Development and Growth 539 PETER KRIESLER

24. Keynes and Economic Development 556 A. P. THIRLWALL

25. Post-Keynesian Economics and the Role of Aggregate Demand in Less-Developed Economies 568 AMITAVA KRISHNA DUTT

Index 595 THE OXFORD HANDBOOK OF POST- KEYNESIAN ECONOMICS

VOLUME 2 CRITIQUES AND METHODOLOGY

Edited by G. C. HARCOURT

and PETER KRIESLER

OXFORD UNIVERSITY PRESS

CONTENTS

Preface vii Contributors ix

Introduction 1 G. C. HARCOURT AND PETER KRIESLER

1. On the Microfoundations of Macroeconomics 45 S. ABU TURAB RIZVI

2. Post-Keynesian Economics, Rationality, and Conventions 62 THOMAS A. BOYLAN AND PASCHAL F. O'GORMAN

3. Methodology and Post-Keynesian Economics 80 SHEILA DOW

4. Post-Keynesian Perspectives on Some Philosophical Dimensions of Keynes's Economic Thinking 100 GAY MEEKS

5. Two Post-Keynesian Approaches to Uncertainty and Irreducible Uncertainty 124 ROD O'DONNELL

6. Interdisciplinary Applications of Post-Keynesian Economics 143 WYLIE BRADFORD

7. Post-Keynesian Economics, Critical Realism, and Social Ontology 162 STEPHEN PRATTEN

8. The Traverse, Equilibrium Analysis, and Post-Keynesian Economics 175 JOSEPH HALEVI, NEIL HART, AND PETER KRIESLER

9. A Personal View of Post-Keynesian Elements in the Development of Economic Complexity Theory and Its Application to Policy 198 J. BARKLEY ROSSER JR. VI CONTENTS

10. How Sound Are the Foundations of the Aggregate Production Function? 202 JESUS FELIPE AND J. S. L. MCCOMBIE

11. Marx and the Post-Keynesians 231 CLAUDIO SARDONI

12. Macroeconomics and the L-Shaped Aggregate Supply Curve 245 JAMES FORDER

13. A Post-Keynesian Perspective on the Rise of Central Bank Independence: A Dubious Success Story in Monetary Economics 265 JORG BIBOW

14. The Post-Keynesian Critique of the Mainstream Theory of the State and the Post-Keynesian Approaches to Economic Policy 290 RICHARD P. F. HOLT

15. A Modern Kaleckian-Keynesian Framework for Economic Theory and Policy 310 PHILIP ARESTIS AND MALCOLM SAWYER

16. Post-Keynesian Principles and Economic Policies 326 HEINRICH BORTIS

17. Post-Keynesian Distribution of Personal Income and Pay 366 JAMES K. GALBRAITH

18. Environmental Economics and Policy 391 NEIL PERRY

19. Theorizing about Post-Keynesian Economics in Australasia: Aggregate Demand, Economic Growth, and Income Distribution Policy 412 J. W. NEVILE AND PAUL DALZIEL

20. The Neoclassical Sink and the Heterodox Spiral: Why the Twin Global Crisis Has Not Transformed Economics 436 GARY A. DYMSKI

21. Keynesianism and the Crisis 458 LANCE TAYLOR

Index 487