Reading List for Post Keynesian Economics

There are plenty of good books and articles available.

First, for the beginner, these make excellent reading:

Robert Skidelsky, “The Relevance of Keynes,” January 17, 2011, www.skidelskyr.com. (also published as Robert Skidelsky, “The Relevance of Keynes,” Cambridge Journal of Economics 35.1 [2011]: 1–13).

Mark Hayes, “The Post Keynesian (Policy) Difference,” 2010.

“Neoclassical Synthesis Keynesianism, New Keynesianism and Post Keynesianism: A Review,” July 7, 2010.

Davidson, Paul. 2009. The Keynes Solution: The Path to Global Economic Prosperity (1st edn), Palgrave Macmillan, New York and Basingstoke.

Skidelsky, R. J. A. 2010. Keynes: The Return of the Master (rev. and updated edn.), Penguin, London.

For Post Keynesian blogs and multimedia resources (including talks, lectures and conferences), see

Post Keynesian Economics Study Group (PKSG).

Steve Keen’s Debtwatch.

New Economic Perspectives.

For an excellent history of the Post Keynesian school, to be read with the critical reviews by Paul Davidson, see

King, J. E. 2002. A History of Post Keynesian Economics since 1936, Edward Elgar Publishing, Cheltenham, UK and Northampton, MA.

Davidson, P. 2003–2004. “Setting the Record Straight on ‘A History of Post Keynesian Economics,’” Journal of Post Keynesian Economics 26.2 245–272.

Davidson, P. 2005. “Responses to Lavoie, King, and Dow on what Post Keynesianism is and who is a Post Keynesian,” Journal of Post Keynesian Economics 27.3: 393–408.

If you want short, concise articles on the Post Keynesian position on specific economic issues (e.g., uncertainty, incomes policy, inflation, etc.), see

King (ed.), J. E. 2003. The Elgar Companion to Post Keynesian Economics, Edward Elgar Publishing, Cheltenham, UK and Northhampton, MA.

For those looking for more advanced work, see

Keen, S. 2011. Debunking Economics: The Naked Emperor Dethroned? (rev. and expanded edn), Zed Books.

Arestis, Philip. 1992. The Post-Keynesian Approach to Economics: An Alternative Analysis of Economic Theory and Policy, Edward Elgar Publishing, Aldershot, Hants, England.

Arestis, Philip. 1994. Post-Keynesian Approach to Economics: Alternative Analysis of Economic Theory and Policy (new edn), Edward Elgar Publishing.

Lavoie, Marc. 1992. Foundations of Post-Keynesian Economic Analysis, Edward Elgar Publishing, Aldershot, UK.

Lavoie, Marc. 1994. Foundations of Post-Keynesian Economic Analysis (new edn), Edward Elgar Publishing.

Davidson, Paul. 1994. Post Keynesian Macroeconomic Theory: Foundation for Successful Economic Policies for the Twenty-First Century, Edward Elgar Publishing, Aldershot.

Palley, Thomas I. 1996. Post Keynesian Economics: Debt, Distribution, and the Macro Economy, St. Martin’s Press, New York.

Davidson, Paul. 2011. Post Keynesian Macroeconomic Theory: Foundation for Successful Economic Policies for the Twenty-First Century (2nd edn), Edward Elgar Publishing, Cheltenham.

Godley, W. and M. Lavoie. 2007. Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth, Palgrave Macmillan, Basingstoke, England and New York.

Wray, L. R., 1990, Money and Credit in Capitalist Economies: The Endogenous Money Approach, E. Elgar, Aldershot, Hants, England and Brookfield, Vt., USA.

Wray, L. R., 1998, Understanding Modern Money: The Key to Full Employment and Price Stability, Edward Elgar, Cheltenham.

For modern Post Keynesian treatment of issues in, and analysis of, Keynes’ General Theory, see

Harcourt, G. C. and P. A. Riach (eds), 1997. A “Second Edition” of The General Theory (Vol. 1), Routledge, London.

Harcourt, G. C. and P. A. Riach (eds), 1997. A “Second Edition” of The General Theory (Vol. 2), Routledge, London.

For the debt deflation theory of Irving Fisher (who was not a Post Keynesian) and its development by Hyman Minsky in the Financial Instability Hypothesis (FIH) (which is a major part of Post Keynesian theory of business cycles), see

Fisher, I. 1933. “The Debt-Deflation Theory of Great Depressions,” Econometrica 1.4: 337–357.

Minsky, H. P. 1982. Can “It” Happen Again?: Essays on Instability and Finance, M.E. Sharpe, Armonk, N.Y.

Minsky, H. P. 1986. Stabilizing an Unstable Economy, Yale University Press, New Haven and London. N.B. Steve Keen thinks this is Minsky’s worst book. Consult Minsky (1982) and (2008) [1975] instead for the best statements of the FIH.

Minsky, H. P. 1992. The Financial Instability Hypothesis, Working papers (Jerome Levy Economics Institute) ; no. 74.

Minsky, H. P. 2008 [1975]. John Maynard Keynes, McGraw-Hill, New York and London.