The past, present and future of evolutionary macroeconomics

Abstract

The key features of heterodox macroeconomic analysis are outlined. The relationships in general terms between micro-, meso- and macroeconomics are considered, specifically the nation state orientation of what is termed macroeconomics, and relate them to the analysis of a monetary production economy. Ideas on fundamental uncertainty have been a key component of heterodox macroeconomics and outline the implications of that in terms of decision-making and path dependency. Remarks on how organisations and institutions are approached in heterodox macroeconomics are made. The key roles of finance and money are examined. Heterodox macroeconomics has focused on the demand side of the economy. Attention is drawn to two areas where heterodox macroeconomic analysis has historically ignored though the last decade or so has seen developments: ecological economics and gender. There are some remarks on recent modelling techniques in heterodox macroeconomics.