Keynes, Kalecki and Minsky -Post Keynesian champions in comparison or: joining forces, horses for courses or the necessity of discrimination?

The effort to pluralise economics requires informed choices about paradigms, understanding their features and affiliations. Theories must be compared based on their paradigmatic localisation. A hermeneutic analysis challenges the view that Keynes, Kalecki, and Minsky share a unified Post Keynesian paradigm. Kalecki's closed system contrasts with Keynes's open system, suggesting Kalecki may align more with new-Keynesian models. Minsky, however, shares Keynes's open system ontology. This indicates that 'Post Keynesianism' may misleadingly suggest coherence where significant differences exist.

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Publication Details

Journal
˜The œJournal of Philosophical Economics
Published
2025-12-15
DOI
https://doi.org/10.46298/jpe.16549
Primary Topic
Economic Theory and Policy
Type
article
Field-Weighted Citation Impact
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article

Keynes, Kalecki and Minsky -Post Keynesian champions in comparison or: joining forces, horses for courses or the necessity of discrimination?

Arne Heise
˜The œJournal of Philosophical Economics
Economic Theory and Policy
article

Keynes, Kalecki and Minsky -Post Keynesian champions in comparison or: joining forces, horses for courses or the necessity of discrimination?

Arne Heise
article en

Abstract

The effort to pluralise economics requires informed choices about paradigms, understanding their features and affiliations. Theories must be compared based on their paradigmatic localisation. A hermeneutic analysis challenges the view that Keynes, Kalecki, and Minsky share a unified Post Keynesian paradigm. Kalecki's closed system contrasts with Keynes's open system, suggesting Kalecki may align more with new-Keynesian models. Minsky, however, shares Keynes's open system ontology. This indicates that 'Post Keynesianism' may misleadingly suggest coherence where significant differences exist.

˜The œJournal of Philosophical EconomicsVol. Volume XVIII(Articles)
Universität Hamburg (DE)
Openalex Percentile: Top 54%
Economic Theory and Policy
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