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date: 02 December 2020

Abstract and Keywords

The beginnings of Keynesian economics were grounded in the need to grasp fundamental relationships in economic reality, but did not explicitly recognize the crucial roles of the underlying long-term structures and their dynamics. This means there was not an explicit discussion of the nature of the relatively persistent constraints circumscribing the course of economic events over time, nor was there any attempt at investigating the pattern of change of those very constraints as we move from shorter to longer time horizons. The conceptual difficulty of the early Cambridge Keynesians with structural dynamics continued even after R. F. Harrod’s dynamic turn. Both Joan Robinson and Nicholas Kaldor addressed the economics of the long run through long-period theory but did not consider a truly structural analysis. The task of explicitly addressing structural economic dynamics from within the Cambridge post-Keynesian economics was taken up by Richard Goodwin and Luigi Pasinetti.

Keywords: post-Keynesian economics, Joan Robinson, Nicholas Kaldor, Richard Goodwin, Luigi Pasinetti, structural dynamics, R. F. Harrod, Cambridge Keynesians, structural economic dynamics

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