1. Heterodox vs Orthodox economics NON-ORTHODOX PARADIGM HETERODOX PARADIGM POST-CLASSICAL PARADIGM RADICAL POLITICAL ECONOMY REVIVAL OF POLITICAL ECONOMY ORTHODOX PARADIGM DOMINANT PARADIGM THE MAINSTREAM NEOCLASSICAL ECONOMICS

2. HETERODOX PARADIGM POST KEYNESIANSMONEY, UNCERTAINTY (Fundamentalist Keynesians) KALECKIANSDISTRIBUTION, GROWTH SRAFFIANSPRICES, SURPLUS INSTITUTIONALISTSINSTITUTIONS EVOLUTIONARISTSTECHNICAL CHANGE SOCIAL, HUMANISTIC SOCIO., PSYCHO STRUCTURALISTSDEVELOPMENT MARXISTS  MARXIANSDAS KAPITAL  RADICALSEXPLOITATION, CYCLES  REGULATION, SSA GRAND SCHEMES

3. Heterodox schools and founders POST KEYNESIANSWeintraub, Davidson,Minsky KALECKIANSKalecki, Robinson, Kaldor, SRAFFIANSSraffa, Pasinetti, Garegnani INSTITUTIONALISTSVeblen, Galbraith EVOLUTIONARISTSSchumpeter SOCIAL ECONOMICSMark Lutz STRUCTURALISTSLance Taylor MARXISTS  MARXIANS  RADICALSSherman, Marglin  REGULATION SCHOOLBoyer, Bowles and Weisskopf

5. Current leaders Post Keynesians: Davidson, Chick Kaleckians: Sawyer, Fazzari,Bhaduri Sraffians: Kurz, Nell Institutionalists: Fred Lee Kaldorians: Godley, Thirlwall, Dutt  Ecclectic authors go accross all or at least two of the categories

6. INFLUENCES ON WYNNE GODLEY Wynne GODLEY CAMBRIDGE Nicholas KALDOR Monetary economics Regional policies Open economy Disequilibrium James TOBIN Porfolio theory Adding-up constraints Stock-flow coherence OXFORD P.W.S. ANDREWS HALL (& HITCH) Costing, Pricing OXFORD Roy Harrod Foreign trade multiplier CAMBRIDGE ECONOMIC POLICY GROUP 1970s GODLEY AND CRIPPS «Macroeconomics» 1982 LEVY INSTITUTE,1990s CERF, 2000s Forecasting SFC models Coutts, Godley, Nordhaus «Industrial pricing» 1978 Augusto GRAZIANI Monetary circuit theory

7. PRESUPPOSITIONS OF THE TWO OVERALL PARADIGMS PARADIGM PresuppositionHETERODOXYORTHODOXY EpistemologyRealismInstrumentalism OntologyHolismIndividualism RationalityReasonableHyper CoreProduction, growth Exchange, scarcity PolicyState intervention Free markets

8. ESSENTIAL POST-KEYNESIAN FEATURES The principle of effective demand  Both in the short and in the long run The importance and irreversibility of time  Historical time  Dynamics, the traverse

9. AUXILIARY POST-KEYNESIAN FEATURES Fundamental uncertainty A Production monetary economy Alternative microeconomics Possible detrimental effects of price flexibility Pluralism of methods and theories

10. New Keynesians vs Post-Keynesians There are three kinds of New Keynesians First kind: based on nominal rigidies (Blinder); policies are little different from those of New classicals Second kind: based on asymetric information and real rigidities (Stiglitz): short-run only? Third kind: based on coordination problems, with multiple equilibria and auto-prophetic expectations (Grandmont); closest to pke despite general eq. approach.