The Post Keynesian Era İntroduction

The Post-Keynesian Era


After the birth of both microeconomics after 1870 and macroeconomics by Keynes immediately following the Great Depression, no major contributions occurred in the field of economics, at least not of that magnitude. However, there are some very important contributions made by various scholars, especially in the area of economic development and the proper role of government in an economy.

In this chapter, we begin by reviewing what was learned from the Soviet Union's industrialization strategies along with the increasing acceptance of Keynesian policy and the overall need to get government more involved in the affairs of promoting economic growth. We specifically look at the contributions made to economic development by Arthur Lewis, especially in light of the fact that he is considered to be the founder of that field. We also review some of Samuelson's and "Post-Keynesian" thoughts on the proper role of government in an economy.