Evolutionary Keynesianism: A Synthesis of Institutional and Post Keynesian Macroeconomics

摘要

The dominant paradigm in mainstream macroeconomics is a synthesis of new Keynesian and new endogenous growth economics, which has modified the new classical and monetarist-based neoliberal macroeconomics known as the "Washington Consensus." The same model appears dominant in the United Kingdom and perhaps in Euroland's European Central Bank and the EU countries as well. Evolutionary/institutionalist and Post Keynesian economics (IPK) offers a very different approach to policy making which could be characterized as "evolutionary Keynesianism." This paper compares and contrasts the two approaches to macroeconomics.