Re: economic globalisation

[P8475423@xxxxxxxxxxxxxxxxxxxxxxxx]

John Ernst recently commented on my quick reply to Rakesh on Minsky
that:

|we find almost no reference to the process of production itself.

True--but that reflects more a "division of labor" within Post
Keynsian economics than a strict oversight. That said, I don't find
most Post Keynesian models of production appealing, but you will
find significant work in that literature emphasising the cyclical
nature of production. Kalecki is of course the father of such work,
with Goodwin the most technically proficient developer.

In my own work, I am attempting to build models of capitalism which
start with an adequate theory of production and have Minsky's
financial concepts overlain on top. I also argue that an
equivalent to Minsky's theory of financial instability can be
directly derived from Marx--so I see Minsky's theories, not
as part of "traditional theory", but as a refinement of
Marx's nascent work on credit.

Also, of course, Post Keynesians are not part of traditional
theory--which is neoclassical economics. The latter has, as John
comments, never come to grips with economic growth (though it
pretends to now in what is known as new growth theory).

Cheers,
Steve Keen


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