Post Keynesian Theory Challenges Neoclassical Economics, Revolutionizes Policy Making
The article discusses how Post Keynesian theory has critiqued traditional neoclassical economics, highlighting its limitations. Some neoclassical economists acknowledge the value of these critiques but argue that Post Keynesian theory lacks a coherent positive contribution. Post Keynesians emphasize noncompetitive economic structures, historical context, and macroeconomic implications, rejecting equilibrium analysis. The research aims to show that Post Keynesian theory offers valuable insights beyond just critiquing neoclassical economics.