Empirical Post Keynesian Economics

This text highlights the major empirical questions and issues facing Post Keynesian economics today. Featuring contributions by leading Post Keynesian economists, it focuses on public policy and real-life analysis of this vibrant and dynamic economic theory. In language that is accessible to upper-level undergraduate and graduate students, professional economists, and public policy makers, each of the chapters takes on a specific issue of concern to all professional economists, provides empirical analysis of the issue, and then discusses the Post Keynesian view on the topic and contrasts it with the orthodox perspective. The topics covered are grouped into three main categories: empirical studies of consumption; empirical studies of business investment; and empirical studies of international economic relations. 1. Empirical Analysis and Post Keynesian Economics Part I. Empirical Studies of Distribution, Inequality, and Consumption 2. What Can Post Keynesian Economics Teach Us About Poverty? 3. Unemployment, Inequality, and the Policy of Europe: 1984–2000 4. The Racial U-Curve in U.S. Residential Credit Markets in the 1990s: Empirical Evidence from a Post Keynesian World 5. An Analysis of Credit Card Debt Default Part II. Empirical Studies of Business Investment 6. The Dynamics of Innovation and Investment, with Application to Australia, 1984–1998 7. Kalecki’s Investment Theory: A Critical Realist Approach 8. Bubbles or Whirlpools? An Empirical Analysis of the Effects of Speculation and Financial Uncertainty on Investment 9. An Analysis of the Shrinking Supply of Equity and the U.S. Stock Market Boom: Does Supply Matter? Part III. Empirical Studies of International Economic Relations 10. The Effect of Distribution on Accumulation, Capacity Utilization, and Employment: Testing the Profit-led Hypothesis for Turkey 11. Growth Under External Constraints in Brazil: A Post Keynesian Approach