Post-Keynesian Economics 50 Years after the Eichner and Kregel Paradigm Article: Coherence or Incoherence?

This paper examines the coherence, or lack thereof, among the three major strands of post-Keynesian economics. Most claims of incoherence pertain to the Sraffian strand in relation to the Fundamentalist and Kaleckian strands. The first section highlights how some authors have exacerbated these claims by mischaracterizing the work of colleagues. The second section argues that many accusations of incoherence originate from methodologists, often justified by the distinction between open and closed systems. The third section addresses claims of incoherence that stem from divergent theoretical positions and the potential for internal contradictions. The final section concludes that young scholars, as well as those engaged in actual research in theory and modeling, tend to emphasize the commonalities among the three strands. Some examples of possible synthesis, old and new are provided.