A Modern Guide to Post-Keynesian Institutional Economics

This book advances Post-Keynesian Institutional economics—most often called Post-Keynesian Institutionalism (PKI)—a branch of the Institutionalist school that builds on common ground with Post Keynesianism. PKI was foreshadowed in the first half of the twentieth century by similarities in the views of John R. Commons and John Maynard Keynes; it was conceived in the mid-1970s, and began to take shape in the 1980s. The tradition proved its worth during the global financial crisis of 2007–2009, by analyzing and addressing that period’s tumultuous events far better than standard economics. Additional and more recent Post-Keynesian Institutionalist research demon- strates that PKI remains ahead of the economic mainstream in shedding light on contemporary problems, especially by analyzing long-term trends in cap- italist development, including financialization, spreading worker insecurity, and rising inequality.