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By L. Randall Wray, Mathew Forstater

During this new assortment, esteemed Post-Keynesian students reconsider the relevance of Keynes' "The basic conception" to a large array of subject parts, starting from the surroundings, funding finance, trade premiums, and socialism, in addition to inquiries into common Post-Keynesian thought.

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On balance, there is little to show that either mainstream thinking on macroeconomic policy, or the policy itself, has changed for the better in recent years. If anything, the reverse is true. And there is little or no evidence that these changes have been the result of ‘behavioural’ macroeconomic theory. CONCLUSION I conclude that Bateman is wrong. Mainstream macroeconomics has not progressed very much in recent years, and where it has advanced it has been towards positions already established by heterodox (read: Post Keynesian) theorists.

Solow introduced into the analysis the neoclassical principle of diminishing returns, which was missing from Harrod–Domar. In both models, though, technical change is exogenous, determining what Harrod unwisely termed the ‘natural’ rate of growth, and shifting the production function upwards in Solow’s analysis. Nicholas Kaldor, convinced of the truth of the Cambridge capital critique, tried to eliminate ‘capital’ altogether from his growth model, replacing the neoclassical production function with a ‘technical progress function’ linking the rate of growth of labour productivity to the rate of growth of investment.

E. and Millmow, A. (2003), ‘Death of a revolutionary textbook’, History of Political Economy, 35(1), Spring, 105–34. Kriesler, P. and Lavoie, M. (2007), ‘The new view on monetary policy: the new consensus and its Post-Keynesian critique’, Review of Political Economy, 19(3), July, 387–404. S. (1962), The Structure of Scientific Revolutions, Chicago, IL: University of Chicago Press. D. and Salvadori, N. (1995), Theory of Production, Cambridge: Cambridge University Press. Laibman, D. (1997), Capitalist Macrodynamics: A Systematic Introduction, Basingstoke: Macmillan.

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