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date: 23 January 2022

Abstract and Keywords

Although post-Keynesian economics, like John Maynard Keynes’s own analysis in The General Theory of Employment, Interest and Money, mostly deals with advanced capitalist economies, in the last several decades it has also been used for analyzing the problem of less-developed countries (LDCs). This chapter provides a brief overview of post-Keynesian contributions to the study of the economic problems of LDCs, also known as development economics. Post-Keynesian economics is the approach to economics that stresses the role of aggregate demand in the analysis of the determination of output and employment and the rate of growth of the economy. This approach has roots in the writings of Keynes, Michał Kalecki, and other economists such as Joan Robinson and Hyman Minsky. This chapter discusses a number of theoretical issues in the post-Keynesian analysis of development, focusing on models that stress the role of aggregate demand. It also considers a number of implications of post-Keynesian analysis for broad strategies of development and for economic policy.

Keywords: post-Keynesian economics, less-developed countries, development economics, aggregate demand, economic policy, output, employment, Michał Kalecki, Joan Robinson, Hyman Minsky

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