Towards a new research programme for post-Keynesianism and neo-Ricardianism∗

An attempt is made to differentiate postclassical theory from neoclassical theory along broad essential elements. The main presuppositions of the neoclassical programme are an instrumentalist approach, an individualistic philosophy, and a view of economics which is based on the notions of scarcity and unbounded rationality. The postclassical programme, defined as the synthesis of post-Keynesianism and neo-Ricardianism, but which could also include institutionalist and radical contributions, relies on four opposite essentials: a realist approach, an organicist or holistic philosophy, and a vision of economics which is based on production and procedural rationality. It is concluded that for postclassical economics to offer a convincing alternative to mainstream economics, it should be expurgated of its Marshallian foundations, in particular those based on price substitution and standard demand and supply analysis. To propound a positive alternative, postclassical researchers would then rely mostly upon Kaleckian and Kaldorian foundations, which avoid by-products of scarcity analysis.