Abstract

Post-Keynesian institutionalism (PKI) has always been about starting with the reality of human experience and working to fashion a better world rooted in broadly shared prosperity. In contrast, a decades-long pursuit of the neoliberal agenda has failed to deliver such prosperity and, in many ways, has actually moved the United States further from PKI’s conception of a better world. In an effort to bring economics back in touch with reality, this article describes the economic insecurity that has been a central problem confronting Americans for more than a generation. It then shows how PKI explains that insecurity as a consequence (in fact, the flip side) of a key aim of neoliberalism: financialization. PKI accounts for these trends with a theory of capitalist development that draws on the work of Hyman Minsky. Contributors to PKI also offer more than just theory and analyses: they also propose policy recommendations and institutional changes designed to bolster democratic decision-making, community vitality, economic opportunity, environmental sustainability, and individual wellbeing. The COVID-19 pandemic underscores the need for such changes.

摘要

后凯恩斯制度主义 (PKI) 一直是从人类经验的现实出发，致力于打造一个植根于广泛共享繁荣的更美好世界。相比之下，对新自由主义议程的长达数十年的追求未能带来这样的繁荣，而且在许多方面实际上已经使美国远离 PKI 的更美好世界的构想。为了让经济学与现实联系起来，本文描述了经济不安全感，这是一代多美国人面临的核心问题。然后，它展示了 PKI 如何解释作为新自由主义关键目标的结果（实际上是另一面）的不安全感：金融化。PKI 以借鉴海曼·明斯基 (Hyman Minsky) 工作的资本主义发展理论解释了这些趋势。PKI 的贡献者不仅提供理论和分析：他们还提出旨在加强民主决策、社区活力、经济机会、环境可持续性和个人福祉的政策建议和制度变革。COVID-19 大流行强调了这种改变的必要性。