Learning from distant cousins? Post-Keynesian Economics, Comparative Political Economy and the growth models approach

TY - JOUR

T1 - Learning from distant cousins? Post-Keynesian Economics, Comparative Political Economy and the growth models approach

AU - Stockhammer, Engelbert

AU - Kohler, Karsten

N1 - Funding Information: This paper is a part of the Leverhulme grant ‘The Political Economy of growth models in an age of stagnation’, Leverhulme, RPG-2021-045. The paper has benefited fromcomments by Guendalina Anzolin, Chiara Benassi, Ian Lovering, Andreas Nölke, Inga Rademacher and Ben Tippet. The usual disclaimers apply. Publisher Copyright: © 2022 The Author Journal compilation © 2022 Edward Elgar Publishing Ltd.

PY - 2022/4/29

Y1 - 2022/4/29

N2 - Since the global financial crisis there has been growing interest in Post-Keynesian macroeconomic theory by political economists. In particular, the recent Growth Models approach in Comparative Political Economy (CPE) draws heavily on Kaleckian macroeconomics of demand regimes. This paper, firstly, traces the disintegration of nineteenth-century political economy and highlights that many streams within heterodox economics are a continuation of the political economy project, as are the sub-fields of CPE and International Political Economy in the social sciences. Secondly, the paper gives an overview of the Growth Models approach and its relation to Post-Keynesian Economics (PKE). It clarifies different strategies of identifying growth models empirically, namely GDP growth decomposition versus analysing growth drivers, and it highlights changes in growth models since the global financial crisis. Finally, it identifies opportunities and challenges that emerge from a continued engagement of PKE with political economy and with CPE in particular.

AB - Since the global financial crisis there has been growing interest in Post-Keynesian macroeconomic theory by political economists. In particular, the recent Growth Models approach in Comparative Political Economy (CPE) draws heavily on Kaleckian macroeconomics of demand regimes. This paper, firstly, traces the disintegration of nineteenth-century political economy and highlights that many streams within heterodox economics are a continuation of the political economy project, as are the sub-fields of CPE and International Political Economy in the social sciences. Secondly, the paper gives an overview of the Growth Models approach and its relation to Post-Keynesian Economics (PKE). It clarifies different strategies of identifying growth models empirically, namely GDP growth decomposition versus analysing growth drivers, and it highlights changes in growth models since the global financial crisis. Finally, it identifies opportunities and challenges that emerge from a continued engagement of PKE with political economy and with CPE in particular.

UR - http://www.scopus.com/inward/record.url?scp=85131195115&partnerID=8YFLogxK

U2 - 10.4337/roke.2022.02.03

DO - 10.4337/roke.2022.02.03

M3 - Article

SN - 2049-5323

VL - 10

SP - 184

EP - 203

JO - Review of Keynesian Economics

JF - Review of Keynesian Economics

IS - 2

ER -