Keynes' principle of effective demand constitutes a pillar for Post Keynesians theories. But Keynes' presentation remains difficult to interpret, mainly because the aggregate demand function is based on entrepreneurs' expectations. The problem is then to demonstrate how these entrepreneurs...

Selon l'économie orthodoxe, les politiques de modération salariale sont un moyen privilégié pour favoriser la croissance et l'emploi. Les versions récentes du modèle (néo-)kaleckien remettent en cause cette affirmation. Nous présentons et discutons ce modèle dans sa forme canonique,...

Keynes distinguishes three concepts: voluntary, frictional and (Keynesian) involuntary unemployment. Frictional unemployment is a Classical form of involuntary unemployment (not voluntary, as Lucas suggests), and reflects the Marshallian, rather than Walrasian, treatment of time and equilibrium....

A panel session was organised at the 5th "Dijon" Post-Keynesian Conference (Roskilde University - 13th-14th May 2011) in order to confront three recent interpretations of Keynes's principle of effective demand: that of Hartwig (2007), Hayes (2007) and Allain (2009). Allain's comments on Hartwig...

For some Post Keynesian economists, functional income distribution affects economic activity and growth through its effects on investment, consumption and net exports. This study focuses on econometric issues about the consumption function. Post Keynesians generally fail to find a long-run...

Wage restraint policies are generally perceived as a good way to support growth and employment. This idea is criticized by recent versions of the (neo-)kaleckian model which are built on three core assumptions : price setting relies on a mark-up rule; the propensity to save out of profits exceeds...