On the Coherence of Post‐Keynesian Economics

Recently the claim that post‐Keynesianism represents a coherent alternative to orthodox/neoclassical theory has regained favour with many leading post‐Keynesians. The purpose of this paper is to consider the basis for any such claim that post‐Keynesianism is a coherent alternative. A variety of forms of coherence are considered in relation to post‐Keynesian analyses and a number of shortcomings are identified. The broad conclusion is that post‐Keynesianism has not yet decided upon its preferred conception of coherence and consequently, cannot be regarded, at present, as an alternative school of economic thought.