Affiliation:
1. Texas Christian University, Fort Worth, TX, USA
Abstract
Post Keynesian economics is based on the economics of John Maynard Keynes. Unlike Keynesianism, it does not rely on rigidities or imperfections to explain less-than-full employment, a condition that they argue is the rule rather than the exception. One key implication of this is that Post Keynesians do not view economics as being the science of scarcity. In the real world, our most difficult challenge is related to the pervasive and chronic abundance of one particular resource: labor. The consequences of this abundance are significant, widespread, and avoidable. This article explains how they come to such a conclusion.
Subject
General Economics, Econometrics and Finance
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