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date: 27 January 2021

Abstract and Keywords

Post-Keynesian economics can be defined by its particular vision of reality, from which follows its theory of knowledge and its methodology. The chapter develops this argument in general and then seeks to specify how we might classify the particular ontology, epistemology, and methodology of post-Keynesian economics. This involves exploration of such concepts as open systems and pluralism. The chapter explores how these concepts have been used differently in discussions about post-Keynesian economics, and indeed about heterodox economics more generally. In the process, therefore, we consider both the viability of demarcating schools of thought in this way and the advisability or otherwise of doing so. As well as engaging with current debate in these issues, the discussion is tied back to Keynes’s ideas on philosophy and methodology. It is argued that an explicit methodological focus is still necessary to clarify issues of methodological approach within post-Keynesian economics, particularly with respect to issues of the strategy for communication and persuasion.

Keywords: economic theory, economic policy, macroeconomics, post-Keynesian methodology, post-Keynesianism, orthodox economics, heterodox economics

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