What was the primary factor encouraging mainstream economists to marginalize post Keynesian theory?

  title={What was the primary factor encouraging mainstream economists to marginalize post Keynesian theory?},
  author={Paul John Davidson},
  journal={Journal of Post Keynesian Economics},
  pages={369 - 383}
  • P. Davidson
  • Published 2 April 2015
  • Economics
  • Journal of Post Keynesian Economics
Abstract Paul Samuelson’s own words are used to demonstrate that he and his “Keynesian” followers never comprehended Keynes’s general theory or the Post Keynesian development of Keynes’s analysis. Samuelson claimed that Keynes’s theory is a slow adjusting Walrasian system and any theory which rejected the Walrasian foundations is not a valid economic theory. Samuelson’s arrogance in believing he had discovered the “Foundations of Economic Analysis” is the primary factor that has marginalized… 
Walras' Law in the Context of Pre-Analytic Visions
Walras' law is a central tenet of economic theory. For mainstream economics, it is a 'plausibility check' for model-building; for heterodox economists, the refutation of Walras' law is key to
Samuelson’s Neoclassical Synthesis Did Not Betray Keynes: Keynes Had Offered Just Such a Synthesis in the General Theory, As Well As to Hicks and Harrod in Correspondence, in 1936
In a recent reprint of material taken from R. E. A. Farmer’s recent 2017 book, Prosperity for All, certain misrepresentations of Paul Samuelson’s work and J M Keynes’s work is presented. For example,
Samuelson's Analysis of the Extreme Variability and Relative Unpredictability of Investment, Due to the Uncertainty of Investment Expenditures, Leads to the Rejection of the Post Keynesian-Davidsonian Claim that Samuelson Was Not a Keynesian
Samuelson’s eighth edition of his Economics presented an excellent elaboration on and explanation of Keynes’s overall analysis in the General Theory. Samuelson covered the reasons why a “free”
The Short Rise and Long Fall of Heterodox Economics in Germany After the 1970s: Explorations in a Scientific Field of Power and Struggle
Abstract: In the context of ongoing criticisms of the lack of pluralism in economics, we discuss the development of “heterodox” economics since the 1970s in Germany. Following Imre Lakatos’s concept
Rise and Long Fall of heterodox Economics in germany After the 1970 s : Explorations in a Scientific Field of Power and Struggle
In the context of ongoing criticisms of the lack of pluralism in economics, the present article aims to discuss the development of ‘heterodox’ economics since the 1970s. Following Lakatos’s concept
Samuelson and Davidson on ergodicity: A reformulation
ABSTRACT The concept of ergodicity in economics seems to have the qualities of a shibboleth—a word or saying used by adherents of a party, sect, or belief, and usually regarded by others as empty of
Making Financial Instability Visible in Space as Well as Time: Towards a more Keynesian Geography
The financial crises of the past decade unfolded at a time when many geographers were already exploring the spatiality of innovative financial structures and globalizing financial markets. The depth
The Signature of Risk: Agent-based Models, Boolean Networks and Economic Vulnerability
Neoclassical economic theory, which still dominates the science, has proven inadequate to predict financial crises. In an increasingly globalised world, the consequences of that inadequacy are likely
Second contribution to the ENE critique: Reply to Davidson, part 1
ABSTRACT On first encounter, the ergodic/nonergodic (ENE) approach has apparent plausibility. Although concerned by some of its problems for many years, it was only after more concentrated reflection
Axiomes des approches économique, sociologique et politique du marché du travail : un cadre d’analyse théorique
Le debat autour de la problematique du marche du travail, a l’ere de la mondialisation, qui est essentiellement multidimensionnelle et complexe, occupe une place capitale dans le milieu universitaire


Keynesian Economics and General Equilibrium Theory: Reflections on Some Current Debates
To many economists Keynesian economics deals with important relevant problems and General Equilibrium theory deals with no relevant problems at all. This view is often the consequence of the ease of
This book is based around a set of interviews with, what might be called, the Keynesian revolutionaries – the individuals most responsible for introducing Keynesian economics to the United States.
The Keynes Solution: The Path to Global Economic Prosperity
The Power of Ideas to Affect Policy Ideas and Policies That Created the Global Economic Crisis Keynes's Revolutionary Ideas Regarding the Potential Instability of a Capitalist System The Cost to the
A Monetary Theory of Production
The essential aim will be to reinterpret Marx’s theory of value from the standpoint of a modern monetary economy. In the tradition of the ‘Rubin’ school, it will be argued that the concept of
The General Theory of Employment, Interest and Money.
Part I. Introduction: 1. The general theory 2. The postulates of the classical economics 3. The principle of effective demand Part II. Definitions and Ideas: 4. The choice of units 5. Expectation as
Rational Expectations: A Fallacious Foundation for Studying Crucial Decision-Making Processes
Proponents of the rational expectations hypothesis (hereafter REH) claim they have developed a general theory of how expectations are formed. To assure that these rational expectations generate
Money and the real world
‘Money,’ Hicks has declared, ‘is defined by its functions … “money is what money does,’” (1967, p. 1). Harrod notes that ‘Money is a social phenomenon, and many of its current features depend on what
Foundations of Economic Analysis.
Recent statistical techniques, including nonlinear programming, have been added to a basic survey of equilibrium systems, comparative statistics, consumer behavior theory, and cost and production
The General Theory of Employment, Interest and Money.
  • 1936