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Beginning of paper
Post-Keynesian economic was formed and developed by economists such as Joan Robinson and Nicholas Kaldor who believed Keynesian economics was based on disequilibrium and uncertainty, and that challenges the general equilibrium assumptions of neo-classical theory. The main aim of post-Keynesian econ ....
Middle of paper
.... DEVELOPMENTS
In 1930s, Harrodfs work on growth dynamics was the first development of post-Keynesian economic which distinct from Keynesian analysis. The prevailing theory in economics was static rather than dynamic. Harrodsf argued what was needed is a body of theory to explain what caused the observable movement of the economic system to change overtime. The Harrod-Domar formula, in which the growth rate as the dependent variable, is determine ....
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Word count: 1329
Page count: 5 (approximately 250 words per page)
