Methodological, Internal and Ontological Inconsistencies in Post-Keynesian Theory

Christian Schoder
Written By SCEPA

WORKING PAPER

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A methodological inconsistency arises from presenting macroeconomic arguments formally and microeconomic arguments verbally.

We arrive at two conclusions: First, re-visiting the issue of micro-foundation within the post-Keynesian framework may be a rewarding line of research. Second, the post-Keynesian research paradigm should be open to various forms of consistent micro-foundations as long as the economic mechanism characterized by the model are post-Keynesian.

SCEPA
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