Heterodox macro after the crisis

Arbeitspapier

Macroeconomics is in crisis and this creates openings for alternative perspectives. The dominant heterodox traditions, however, have shortcomings that need to be addressed, both to improve our understanding of the real world and to take advantage of the opportunities offered by the irrelevance of most mainstream macro. This paper discusses three examples of areas that need attention: (i) investment functions (where popular specifications lack behavioral and empirical support), (ii) income distribution (where key developments have received little attention) and (iii) the relation between income inequality and financial markets (where extensions of existing models may help explain financial instability).

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Paper ; No. 2011-23

Classification and Topics

• Classification: Wirtschaft ; General Aggregative Models: Keynes; Keynesian; Post-Keynesian ; Macroeconomics: Consumption; Saving; Wealth ; Investment; Capital; Intangible Capital; Capacity
• Subject: investment ; earnings inequality ; financial instability

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Skott, Peter
• Event: Veröffentlichung
• (who): University of Massachusetts, Department of Economics
• (where): Amherst, MA
• (when): 2011

Further information

• Handle: http://hdl.handle.net/10419/64178
• Last update: 10.03.2025, 11:43 AM CET