Post Keynesianism: A heterodox paradigm in search for first principles

Abstract

In this article Post Keynesianism will be exposed as an alternative paradigm to mainstream neclossical economics. We will see that Poste Keynesianism is not a coherent economic model but comprises a number of theoretical approaches which share some methodological and epistemological features and postulates. In order to be able to extract such postulates form the axiomatic core of Post Keynesianism, not the kaleidoscop of different Post Keynesian theories of Kaleckian, Kaldorian or even Sraffian provenience will be presented but only one variant – the monetary Theory of Production – will be elaborated in its paradigmatic and formal structure and the market participation theory of economic policy based on its will be discussed.