Whither economic complexity? A new heterodox economic paradigm or just another variation within the mainstream?

Heise, Arne

doi:10.1504/ijpee.2017.10006435

Cited by 3 publications

(2 citation statements)

References 3 publications

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“…The outcome is an unstable, sub-optimally performing economy that may not necessarily collapse in the end. Say's and Walras' laws are refuted within this framework, as argued by Heise (2019). In this understanding of capitalism, markets serve as allocative mechanisms, while social conflict primarily influences personal income distribution rather than functional income distribution.…”

Section: Social Conflict Paradigmmentioning

confidence: 99%

Keynes and the drunkard under the lamp post: Making sense of Palley

Heise

2024

The Japanese Political Economy

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In a recent article, Tom Palley begins his critique of Keynesian economics with the well-known story of a drunkard who, when searching for his lost keys, looks not in the darkness of the nearby lawn where he misplaced them, but instead under the light cone of a lamp post because, when asked, he replies that's where the light is. This story serves as a metaphor for the field of economics attempting to understand the workings of the capitalist economy solely through the lens of Keynesian economics. However, this endeavour is ultimately futile as comprehending capitalism requires a different analytical approach: acknowledging social conflict as an essential component of capitalism's nature better addressed by Kaleckian macroeconomics.I attempt to illustrate that Palley is accurate in emphasizing the paradigmatic differences and even incommensurabilities between Keynes' monetary production paradigm and the Marxian-Kaleckian social conflict paradigm. This suggests that any classification under the umbrella term "post-Keynesianism" is misleading. However, Palley is mistaken in his assertion that this distinction aligns Keynes' economics with neoclassical (mainstream) economics, as the acceptance or rejection of social conflict is not the only fault line in terms of ontology. There are other ontological divisions that can exist. Or, to use the metaphor, the lamp post can be moved to different areas of the lawn, indicating different ontological perspectives.

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Section: Social Conflict Paradigmmentioning

confidence: 99%

Keynes and the drunkard under the lamp post: Making sense of Palley

Heise

2024

The Japanese Political Economy

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“…This kind of warning had, however, an outspoken methodological character at the outset (a certain revival of the old term Methodenstreit, see e. g. in Louzek 2011). Csaba and other authors (Fine -Milonakis 2009;Klaes 2012;Kurtakko 2014;Heise 2017) were concerned about the growing dominance of quantitative approach and thinking in economics as opposed to a more balanced approach including qualitative elements. The economic counterpart of "vulgar mathematics", where mathematical symbols without any potential data content were applied, was also commented (Török -Nagy 2014).…”

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confidence: 99%

Episode or hysteresis? Some theoretical and policy lessons from the crisis of 2008

Török¹,

Konka²

2018

Acta Oeconomica

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The post-2008 crisis seems to have come to an end in most countries, but its long-term impacts are increasingly felt by most players of the world economy. Certain economic problems were aggravated, others created by the crisis that seems to have generated significant structural and behavioral changes in most national economies and their international relations. These lasting changes are listed, and new directions for research suggested in the present paper, using an approach combining the human, the financial and the growth dimensions.

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Narrative analysis in economics as climbing complexity

Тамбовцев

2020

Vopr. èkon.

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Two turns in economics during last decades are analyzed — complexity turn, and information turn, and the narrative analysis role for these turns realization is discussed. Basic framework of narrative analysis is described, and it is shown that its efficacy is limited by groups of individuals which have resources that give them possibilities to treat the narrative’s plot as a feasible alternative in decision-making situation. It is grounded that now agent-based models are the effective instrument for theoretical and empirical research under turns to complexity or information alike.

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Whither economic complexity? A new heterodox economic paradigm or just another variation within the mainstream?

Cited by 3 publications

References 3 publications

Keynes and the drunkard under the lamp post: Making sense of Palley

Keynes and the drunkard under the lamp post: Making sense of Palley

Episode or hysteresis? Some theoretical and policy lessons from the crisis of 2008

Narrative analysis in economics as climbing complexity

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