ABSTRACT
This chapter traces and examines a relatively new line of scholarship within the tradition of institutional (or evolutionary) economics: Post-Keynesian Institutionalism (PKI). In the early 1980s, PKI emerged as inflation, unemployment, business cycles, and structural economic change combined to seriously undermine the neoclassical Keynesianism that dominated American academic and policy circles after World War II. PKI fuses institutionalist ideas with key insights of John Maynard Keynes to address macroeconomic fluctuations and capitalist development. PKI gives special attention to the U.S. economy’s transformation from the Affluent Society of the 1960s to the Anxious Society of the present.
