Post Keynesian Methodology

Keynes’ work on methodology was not insignificant. In fact, Keynes’ methodological contribution has been neglected generally, being overshadowed by his other work on economic theory and policy analysis. Post Keynesian economics arose out of the failures of neoclassical theory and its insufficient depiction of economic activity. Although Post-Keynesian economists do have many different ideas about the theoretical approach and assumptions compared to neoclassicists, they nevertheless all criticize the same points of the orthodox theory. On the following pages I will talk about the main methodological issues of the Post-Keynesian theory and work out the main differences to the neoclassical approach.