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Cambridge Journal of Economics Advance Access originally published online on March 18, 2009
Cambridge Journal of Economics 2009 33(6):1119-1133; doi:10.1093/cje/bep007
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© The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Post-Keynesianism without modernity

Colin Danby*

* Interdisciplinary Arts and Sciences, University of Washington. For comments and criticisms I thank S. Charusheela, James Crotty, Sheila Dow, Mat Forstater, Dan Gay, Serap Kayatekin, and Greg Nowell

Address for correspondence: Interdisciplinary Arts and Sciences, University of Washington, Bothell 18115 Campus Way NE, WA 98011-8246, USA; email: danby{at}u.washington.edu

A robust and critical post-Keynesianism can be specified on the basis of time, uncertainty, and the investigation of the institutions that structure material life, without presupposing what those institutions are. This paper criticises the inclusion in influential presentations of the axiomatic foundation of post-Keynesianism of propositions about government and money that presuppose a particular ensemble of institutions. That ensemble corresponds to the ideal-type called modernity. Without modernity post-Keynesianism gains logical parsimony and breadth of application; the paper discusses non-modernist writers in the tradition that includes J. M. Keynes, K. N. Raj, Celso Furtado and Juan Noyola.

Key Words: Post-colonial theory • Post-Keynesian economics • Modernity

JEL classifications: A12, B41, B59

Manuscript received July 10, 2006; final version received December 31, 2008.


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