ABSTRACT
For many Post Keynesianism represents a loose association of ignorant and incoherent idiot savants who know what they are against but do not know what they are for. Unable to do the sophisticated maths and formalism employed by the mainstream Post Keynesians carp from the sidelines, engaging in ritualistic debunking, without seeking to make any positive contribution to the economic theory or the study of economic phenomena. The heart of the problem is that many Post Keynesian economists are the slaves of a cadre of defunct economists. And while earlier generations of Post Keynesian economists posed interesting questions, the interesting features of their work have now been internalised and superseded by recent advances in formal theory, reducing contemporary Post Keynesianism to the status of a degenerating research programme (cf. King, 2002).
