Keywords
Institutionalism
Post-keynesian
Uncertainty.
Post-keynesian
Uncertainty.
How to Cite
CONCEIÇÃO, Octavio A. C.; GABRIANI, Carlos Roberto. Institutionalists and post-keynesians: essay on uncertainty in modern financial capitalist economies. Economia e Sociedade, Campinas, SP, v. 28, n. 1, p. 1–23, 2019. Disponível em: https://periodicos.sbu.unicamp.br/ojs/index.php/ecos/article/view/8656770. Acesso em: 17 jul. 2024.
Abstract
Keynes's ideas on the monetary economy of production is a fecund field of analysis to understand the current behavior of modern financial capitalist economies, as a result of the confluence between institutionalist and postKeynesian theoretical approaches. In this theoretical amalgam, the concept of uncertainty assumes a central role, making it possible to analyze more accurately the eminent unstable nature of the current stage of development of such economies. In the institutionalist aspect, uncertainty results from the natural and co-evolutionary process of economic and social institutions and their relations with individuals (“process of circular causation”), while in the post-Keynesian conception, uncertainty generates imprecision in decision-making, which make it difficult to predict the future behavior of the economy. For Minsky, this implies the imperative of coordinated interventions by the state and by society in order to create institutions capable of mitigating the trajectory of the economic system.
References
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SAMUELS, Warren J. The present state of institutional economics. Cambridge Journal of Economics, v. 19, n. 4, p. 569-590, 1995.
SARGENT, Thomas J. Bounded rationlality in macroeconomics. Oxford: Clarendon Press, 1993.
SKIDELSKY, Robert. John Maynard Keynes – 1. Esperanzas frustradas: 1883-1920. Madrid: Alianza Editorial, 1986.
VEBLEN, Thorstein. The place of science in modern civilization and other essays. New York: Huebsch, 1919.
VEBLEN, Thorstein. Why is economics not an evolutionary science? Cambridge Journal of Economics, v. 22, p. 403-414, 1998.
VEBLEN, Thorstein. A teoria da classe ociosa: um estudo econômico das instituições. São Paulo: Abril Cultural, 1983. (Os Economistas).
VILLEVAL, Marie-Claire. Une théory économique des institutions. In: BOYER, R. et SAILLARD, Yves. Théorie de la régulation: l’état des savoirs. Paris: La Découverte, 1995.
WILLIAMSON, Oliver E. Mercados y Jerarquías: su análisis y sus implicaciones antitrust. México D. F.: Fondo de Cultura Económica, 1991a.
WILLIAMSON, O. E. Comparative economic organization: the analysis of discrete structural alternatives. Administrative Science Quarterly, v. 36, n. 2, p. 269-296, Jun. 1991b.
WILLIAMSON, Oliver E. Hierarquies, markets and power in the economy: an economic perspective. Industrial and Corporate Change, v. 4, n. 1, p. 21-49, 1995.
ZYSMAN, John. How institutions create historically rooted trajectories of growth. Industrial and Corporate Change, v. 3, n. 1, p. 243-283, 1994.
BEAUD, Michael; DOSTALER, Gilles. O pensamento económico, de Keynes aos nossos dias. Porto: Edições Afrontamento, 2000.
BOYER, Robert; SAILLARD, Yves. Theórie de la régulation: l’état des savoirs. Paris, La Découverte, 1995.
BOYER, Robert; HOLLINGSWORTH, J. Rogers. How and why do social systems of production change? In: HOLLINGSWORTH, J. Rogers; BOYER, Robert. Contemporary capitalism: the embeddedness of institutions. New York: Cambridge University Press, 1997. p. 189- 195.
CARVALHO, F. C. de. Fundamentos da escola pós-keynesiana: a teoria de uma economia monetária. Rio de Janeiro, IEI/UFRJ, 1988. (Texto para Discussão, n. 176).
COASE, Ronald H. The institutional structure of production. The American Economic Review, v. 82, n. 4, p. 713-719, Sept. 1992. Disponível em: http://web.ntpu.edu.tw/~guan/courses/Coase92.pdf. Acesso em: 16 dez. 2016.
COMMONS, John R. Institutional economics. American Economic Review, v. 21, n. 4, p. 648- 657, 1931. Disponível em: http://la.utexas.edu/users/hcleaver/368/368commonsoninstitutional econtable.pdf. Acesso em: 16 dez. 2016.
COMMONS, John R. Institutional economics. Madison: University of Wisconsin Press, 1934.
CONCEIÇÃO, Octavio A. C. Instituições, crescimento e mudança na ótica institucionalista. Porto Alegre: Fundação FEE, 2002.
DAVIDSON, Paul. Colocando as evidências em ordem. Ensaios FEE, v. 17, n. 2, p. 7-41, Porto Alegre, Fundação FEE, 1996.
DOSI, Giovanni. Hierarquies, Markets and Power: some foundational issues on the nature of contemporary economic organizations. Industrial and Corporate Change. v. 4, n. 1, p. 1-20, 1995.
DUGGER, William. Radical Institutionalism: Basic Concepts. Review of Radical Political Eonomics, v. 20, n. 1, p. 1-20. 1988.
FERRARI FILHO, Fernando; CONCEIÇÃO, Octavio A. C. A noção de incerteza nos póskeynesianos e institucionalistas: Uma conciliação possível? Nova Economia, Belo Horizonte, FACE/UFMG, v. 11, n. 1, p. 99-122, 2001.
GORDON, Wendell. Institutional economics: the changing system. Austin: University of Texas Press, 1980. HICKS, John R. Keynes’ theory of employment. The Economic Journal, v. 46, n. 182, p. 238- 253, Jun. 1936.
HICKS, John R. Mr. Keynes and the “classics”: a suggested interpretation. Econometrica, v. 5, n. 2, p. 147-159, Apr. 1937.
HICKS, John R. Value and capital: an inquiry into some fundamental principles of economic theory. Oxford: Clarendom Press, 1939.
HODGSON, Geoffrey M. Institutional economics: surveying the “old” and the “new”. Metroeconomica, v. 44, n. 1, p. 1-28, 1993.
HODGSON, Geoffrey M. The approach of institutional economics. Journal of Economic Literature. v. 36, n. 1, p. 166-192, Mar. 1998a.
HODGSON, Geoffrey M. On the evolution of Thorstein Veblen’s evolutionary economics. Cambridge Journal of Economics. v. 22, n. 4, p. 415-431, 1998b.
KEYNES, John Maynard. The General Theory of Employment. Quarterly Journal of Economics. v. 51, n. 2, p 209-223, Feb. 1937.
KEYNES, John Maynard. Treatise on money. London: Macmillan, 1971. v. 1-2.
KEYNES, John Maynard. A teoria geral do emprego, do juro e da moeda. São Paulo: Nova Cultural, 1985. (Os Economistas).
KREGEL, Jean A. Aspects of a Post Keynesian theory of finance. Journal of Post Keynesian Economics. v. 21 n. 1, p. 111-133, 1998.
MARSHALL, Ray. Commons, Veblen, and other economists: remarks upon receipt of the veblen-commons award. Journal of Economic Issues, v. 26, n. 2, p. 301-322, Jun. 1993.
MATTHEWS, R. C. O. The economics of institutions and the sources of growth. The Economic Journal, v. 96, p. 903-918, Dec. 1986.
MINSKY, Hyman P. Estabilizing an instable economy. New York: McGraw Hill, 1986.
MINSKY, Hyman P. Uncertainty and the institutional structure of capitalism economies. Journal Economics Issues, v. XXX, n. 2, p. 357-368, 1996.
MINSKY, Hyman P. John Maynard Keynes. Campinas: Editora da Unicamp, 2011.
MITCHELL, Wesley C. Os ciclos econômicos e suas causas. São Paulo: Abril Cultual, 1984. (Os Economistas).
MYRDAL, Gunnar. Aspectos políticos da teoria econômica. São Paulo: Abril Cultural, 1984. (Os Economistas).
NELSON, Richard R.; WINTER, Sidney G. An evolutionary theory of economic change. Cambridge, Massachusetts: Harvard University Press, 1982.
NORTH, DOUGLASS. Economic performance through time. The American Economic Review, v. 84, n. 3, p. 359-68, Jun. 1994.
SAMUELS, Warren J. The present state of institutional economics. Cambridge Journal of Economics, v. 19, n. 4, p. 569-590, 1995.
SARGENT, Thomas J. Bounded rationlality in macroeconomics. Oxford: Clarendon Press, 1993.
SKIDELSKY, Robert. John Maynard Keynes – 1. Esperanzas frustradas: 1883-1920. Madrid: Alianza Editorial, 1986.
VEBLEN, Thorstein. The place of science in modern civilization and other essays. New York: Huebsch, 1919.
VEBLEN, Thorstein. Why is economics not an evolutionary science? Cambridge Journal of Economics, v. 22, p. 403-414, 1998.
VEBLEN, Thorstein. A teoria da classe ociosa: um estudo econômico das instituições. São Paulo: Abril Cultural, 1983. (Os Economistas).
VILLEVAL, Marie-Claire. Une théory économique des institutions. In: BOYER, R. et SAILLARD, Yves. Théorie de la régulation: l’état des savoirs. Paris: La Découverte, 1995.
WILLIAMSON, Oliver E. Mercados y Jerarquías: su análisis y sus implicaciones antitrust. México D. F.: Fondo de Cultura Económica, 1991a.
WILLIAMSON, O. E. Comparative economic organization: the analysis of discrete structural alternatives. Administrative Science Quarterly, v. 36, n. 2, p. 269-296, Jun. 1991b.
WILLIAMSON, Oliver E. Hierarquies, markets and power in the economy: an economic perspective. Industrial and Corporate Change, v. 4, n. 1, p. 21-49, 1995.
ZYSMAN, John. How institutions create historically rooted trajectories of growth. Industrial and Corporate Change, v. 3, n. 1, p. 243-283, 1994.
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