A Post-Keynesian theory of economic policy – filling a void

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A Post-Keynesian theory of economic policy – filling a void” by Arne Heise, professor of economics at Hamburg University, 13 pp, March 2008

Arne Heise is a professor of economics at the University of Hamburg. To read “A Post-Keynesian theory of economic policy – filling a void” published in 2008, click on

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&ved=0CCMQFjAB&url=https%3A%2F%2Fwww.wiso.uni-hamburg.de%2Ffileadmin%2Fwiso_dwp_vwl%2FHeise%2FWP._StaatsWiss%2F28-A_Post_Keynesian_theory_of_economic_policy.pdf&ei=Ir18VMO4NsjXoASl4YF4&usg=AFQjCNFyni-qgNpJmELGTDoGv0gHJl-AoA&bvm=bv.80642063,d.cGU&cad=rja

To sum up: Post Keynesian theory of economic policy emphasizes the need and efficiency of quantitative, interventionist policies, yet does not ignore the limitations to ‘controllability’, i.e. it results in a strong plea for what might be termed ‘constrained feasibility’ between the extremes of Cartesian ‘controllability’ and Hayekian ‘non-decisionism’ – a ‘market participation theory of economic policy’.

And it is this critical knowledge about the limits to policy control on the one hand and the acceptance of a quite different ‘pattern prediction’ as compared to Walrasian and Hayekian economics on the other hand which renders the following critique unfounded:

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