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Post-Keynesian institutionalism: past, present, and future

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Abstract

Post-Keynesian institutionalism (PKI) is a branch of institutional economics that draws on the common ground shared by many institutionalists and post-Keynesians. PKI emerged in the USA in the 1980s; attracted considerable attention during the Internet boom and crash (roughly from 1995 through 2002); and offered vital economic insight to address the global financial crisis of 2007–2009. This article presents a two-part examination of PKI: the first part surveys PKI’s origins and development; the second highlights existing contributions in the course of outlining directions for future PKI research. PKI began with a focus on understanding business cycles and seeking to prevent or contain economic downturns; over time, attention also centered on structural economic changes and the spread of worker insecurity. In the coming years, scholarship in those areas must be complemented by—indeed, carried out in tandem with—contributions that shed light on the problem of global warming and the widespread consequences of climate change.

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Notes

  1. For a brief introduction to original institutional economics, see Mayhew (2018).

  2. For more on Commons and Keynes, see Whalen (2008a). For elements in Keynes and the pioneering institutionalism of Veblen and Mitchell that also foreshadow emergence of PKI, see Dillard (1987a).

  3. Reaction of institutionalists to The General Theory should be viewed in the context of their own macroeconomic research, which anticipated elements of the book (such as the multiplier analysis), but also highlighted matters that Keynes excluded (Rutherford and Desroches 2008).

  4. Attention to historical time (in contrast with the logical time in neoclassical economics) highlights the fact that “past events influence current outcomes” (Setterfield 2001, 97) and provides room for considering phenomena such as path dependence, hysteresis, and cumulative causation.

  5. The post-Keynesians that Brazelton (1981: 541, n. 1) had mind were economists such as “Keynes, Weintraub, Minsky, Davidson, and (Daniel R.) Fusfeld, [who] stress uncertainty and [economic] instability”.

  6. According to Keller (1983, 1089), “[Post-Keynesians] have interpreted and expanded upon Keynes's revolutionary new way of analyzing real world economic problems. The group of post-Keynesians whose analysis is most compatible with institutionalism corresponds to what Paul Davidson calls center and center-left Keynesianism. The representatives of this group include P. Davidson, A. Eichner, J. Kregel, H. Minsky, J. Robinson, G. Shackle, S. Weintraub, and P. Wells”.

  7. Marshall (1983) did not elaborate on his call to action, except to suggest that achieving and sustaining prosperity require institutions to supplement and channel market behavior.

  8. Wilber and Jameson (1983: 151) write that they chose the label “Post-Keynesian Institutionalism” because the roots of their approach “are in Keynes and in the American Institutionalists.” They also explain that they find “the key to Keynes” in his belief that the economy is inherently prone to booms and busts (Wilber and Jameson 1983: 273, n. 11). Eichner and Robinson are among the post-Keynesians cited most often in An Inquiry into the Poverty of Economics.

  9. Another economist who could—and did—bring together institutionalists and post-Keynesians in the 1980s was Alfred Eichner (1985). In fact, when he died suddenly in 1988, Eichner was attempting to forge a synthesis of institutionalism and post-Keynesianism in the realms of both microeconomics and macroeconomics. If Eichner had been able to continue his research agenda, it is likely he would have become a leading contributor to PKI.

  10. Some other prominent institutionalist contributors of that era, such as Peterson and Dillard, have already been mentioned above.

  11. A prominent non-American contributor to this strand was Robinson, especially by means of work produced late in her career; see, for example, Robinson (1980).

  12. One possible reason for the limited influence of these two strands on PKI is that they have not been as well known in the USA, where PKI first emerged.

  13. In this section and the one that follows, I discuss the research of various economists working at that intersection. Where possible, I will highlight distinctly post-Keynesian or institutionalist contributions and their complementarities, but because the traditions overlap so heavily (as Niggle (2006) also recognized) most of the research discussed has been done by economists comfortable with both labels or with just PKI.

  14. In addition to the strands identified by Hamouda and Harcourt, Lavoie (2014: 41) adds the institutionalist strand and another strand rooted in the work of Nicholas Kaldor. Like the Kaleckian and Sraffian strands, the Kaldorian strand has not played a large role in PKI.

  15. For the full list of contributors and sources of inspiration, see Lavoie (2014, 43).

  16. This section draws on Whalen (2013), which offers more detail on each of the elements discussed here.

  17. At the heart of the Wall Street paradigm is the monetary theory of production (mentioned above) that Dillard highlighted in his research.

  18. Veblen, Commons, and Mitchell had cycle views similar to that of Minsky; see, for example, Dillard (1987b) and Whalen (1993).

  19. Commons had a similar analysis of capitalist development; see Atkinson and Whalen (2011).

  20. This perspective on the role of government has been central to institutionalism from its inception (for an excellent statement, see Samuels 1989); overlap** post-Keynesian views have been expressed on numerous occasions (see, for example, Eichner 1979: 165–184; Pressman 2001).

  21. Nearly all of the authors cited below consider themselves post-Keynesian institutionalists or are comfortable in both the institutionalist and post-Keynesian camps.

  22. Tauheed also mentions the usefulness of “stock-flow consistent modeling,” an approach associated with post-Keynesian Wynne Godley, but traceable to institutionalist Morris Copeland’s flow-of-funds analysis. For more on such modeling, see Lavoie and Zezza (2012).

  23. In a more recent work, Fernández-Huerga (2013) builds on his human behavior research to produce a post-Keynesian institutionalist alternative to the neoclassical conception of the market.

  24. See also Brazleton (2005). In addition, Brazelton and Whalen (2011) find insight relevant to PKI in psychology and behavioral economics.

  25. For additional PKI explorations of inequality, consumer and household indebtedness, economic insecurity, and financial instability, see Tymoigne (2007), Weller and Sabatini (2007); Galbraith (2012); and Wunder (2012). Also, see Todorova (2014, 2016) for examinations of gender and other culturally constructed categories as they relate to consumption and production.

  26. Analyses of PKI should also strive to better integrate Minsky’s approaches to financial instability and capitalist development, thereby pushing such research still further in the direction (mentioned earlier) envisioned by Dillard (1980, 271).

  27. It should come as no surprise that such scholars, at least in the USA, often trace their scholarship to Commons, a pioneer in the study of labor and industrial relations.

  28. Economists interested in the labor market from the vantage point of PKI should also look at Fernández-Huerga et al. (2017).

  29. Commenting on a draft of this article, one reader observed the absence of a discussion of others who have worked on pricing, including Kalecki, Marc Lavoie, Adrian Wood, and Geoffrey Harcourt. Unfortunately, such scholarship—tied most closely to strands of post-Keynesianism beyond the Keynes camp—is yet to be incorporated into most PKI, although it is reflected in Lee’s research. Lavoie (2001, 2014) provides a logical starting point for post-Keynesian institutionalists and others seeking to further explore that wider literature.

  30. This is not to suggest that such work did not precede the Great Recession; see, for example, Phillips (1997) on the need to rethink bank examinations; Whalen and Wenger (2002) on the need to shore up automatic stabilizers; Zalewski (2003) on using tax incentives to maximize social equity, and Kaboub (2007) on planning for full employment.

  31. See also Tcherneva (2011) and, for discussions of policy beyond the USA, see, for example, Tavasci and Toporowski (2010).

  32. Of course, the preceding is by no means an exhaustive research agenda. For example, some other issues worth examining in the years ahead are: (1) the role that functional finance should play in PKI (for one view, see Todorova 2013); (2) the relationship between PKI and “modern monetary theory” (Nesiba 2013); and (3) the concern raised by Galbraith (2008) that the dominant feature of contemporary American capitalism is predation, not competition, class struggle, or middle-class striving—and that agents of a “predator class” now control the US government.

  33. In fact, according to Rutherford (2001), that decline began in the 1940s.

  34. As a graduate student in that period, I recall reading an essay by Piore (1983) that criticized Marxist scholarship for involving too many quarrels that seemed far removed from important contemporary issues. According to Piore (1983: 253), even more frustrating was that “to know where one stood [regarding these quarrels], to know even whether one cares about them in the first place, one would have to resolve the intellectual puzzles which one wants the paradigm and its theoretical constructs for in the first place”. Piore’s words about Marxism matched how I often felt about institutionalism.

  35. Chavance’s new institutional economics encompasses not just scholarship in the tradition of Oliver Williamson and Douglass North, but also the work, based in game theory, of Masahiko Aoki and Avner Greif. Also, the ordoliberalism he examines is a German tradition that views the state as the guardian of competitive order, while the economics of conventions is a French tradition on the border of economics and sociology.

  36. Scholars identifying with original institutionalism have written much on its relationship to the new institutionalism. For a recent contribution, see Spithoven (2019).

  37. I also leave it for others to engage in a thorough comparison of what I call post-Keynesian institutionalism and what Hodgson (1989) and Philip Arestis (1996) describe as post-Keynesianism. All three of us envision some fusion of institutionalism and post-Keynesianism, but our aims are distinct. Mine has been to trace an existing institutionalist research tradition that has for decades drawn mainly on the common ground of institutionalism and Keynes. Hodgson aimed to identify some ideas long associated with institutionalism (including habits, norms, conventions, and cumulative causation) that he thought economists could use to construct a foundation for post-Keynesian theory. Arestis pursued the ambitious aim of providing “a comprehensive survey of post-Keynesian economics” (Arestis 1996: 111)—on methodology, theory, and policy—drawing on three traditions: (1) Alfred Marshall and Keynes; (2) Robinson and Kalecki; and (3) Veblen and other original institutionalists.

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Acknowledgements

This article has been derived from the author’s plenary address to the Japan Association for Evolutionary Economics, delivered in Nagoya on March 16, 2019. He thanks that Association for the invitation to speak, and Hiroyuki Uni for arranging the visit. Glen Atkinson, Alicia Girón, Marc Lavoie, Linda Whalen, and two anonymous referees provided helpful comments and suggestions.

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  1. University at Buffalo, Buffalo, New York, USA

    Charles J. Whalen

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Whalen, C.J. Post-Keynesian institutionalism: past, present, and future. Evolut Inst Econ Rev 17, 71–92 (2020). https://doi.org/10.1007/s40844-019-00150-4

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