Post Keynesians [hereafter PK] fashion their theory of employment (i.e., private sector labordemand hiring) utilizing Keynes's general theory. Entrepreneurial demand for hiring workers is derived from the point of effective demand determined in product markets. Since Keynes's "general" theory requires fewer restrictive axioms than the axiomatic theory underlying both classical economics (new an...

The marriage of micro-founded dynamic stochastic general equilibrium models and nominal rigidities has opened up new possibilities for policy analysis, and in particular for conducting welfare-based analysis using estimated macro models. Andy Levin, Alexsei Onatski, John Williams, and Noah Williams (henceforth LOWW) have exploited these possibilities in an excellent paper, one in which they acc...

The research investigates the causes of unemployment in Namibia, Nigeria and South Africa and the role of Capital Accumulation in reducing the unemployment profile of these economies as proposed by the post-Keynesian economics. This is conducted through extensive review of literature on the NAIRU models and focused on the post-Keynesian view of unemployment within the NAIRU framework. The NAIRU...

This paper examines the decline in use of the Knight-Keynes uncertainty concept in mainstream economics. Using electronic archives, it shows that the frequency of its appearance in leading journals of economics has fallen rapidly from the 1950s. As well as to the declining popularity of Keynesian ideas since about 1970, the decrease in this use of the uncertainty concept is additionally related...

This paper aims to review the relationship between crisis theories in Mainstream economics, Post-Keynesian Marxian economics and income inequality, especially within context of great recession. Emergence recession its devastating effects, not only on financial sectors likewise real economy brought discussions origin crises back fashion. Inequality was accepted as an important factor contributin...