2015: Introduction to Post Keynesian Economics and Political Economy

Kingston University

Penrhyn Rd, Kingston upon Thames KT1 2EE
12 Jul 2015 9 a.m. –14 Jul 2015 7 p.m.


The Global Financial Crisis has demonstrated the limitations of mainstream economic theory and neoliberal economic policy. This workshop will introduce two of the main alternatives to orthodoxy - Post Keynesian Economics and Marxist Political Economy.

Post Keynesian Economics has at its core the concepts of effective demand and distributional conflict: individuals face fundamental uncertainty about the future; there is a central role for `animal spirits' in the determination of investment decisions; inflation is the result of unresolved distributional conflicts; money is an endogenous creation of the private banking system; unemployment is determined by effective demand on the goods markets; financial markets are prone to periodic boom-bust cycles.

Marxist Political Economy is focused on the fundamental conflict between capital and labour on the basis of the conception of the capitalist mode of production. It characterises capitalist production as intrinsically unstable, with financial crises sometimes the prelude to, and sometimes the result of, a crisis of over-accumulation of capital. It stresses the use of mass unemployment as a key element of the `cure' for these problems. Marxist analysis looks to value form analysis to trace fundamental developments in capitalism and emphasises the role of the state in organizing the political and economic hegemony of capital.

The workshop is aimed at students of economics and social sciences. As the aim of Post Keynesian Economics and Political Economy ultimately is to provide the foundation for progressive economic policies, it may of interest for a broader audience.


Sunday, 12 July, 9.00am - 7.00pm

  • Engelbert Stockhammer, Kingston University:Post Keynesian Economics, Introduction & overview
  • Ozlem Onaran, Universityof Greenwich:Aggregate demand, income distribution and the causes of unemployment
  • Victoria Chick, UCL:Money in the Economy:A Post-Keynesian Perspective
  • Panel discussion:Post Keynesian Economic Policy

Monday, 13 July, 9.00am - 7.00pm

  • Simon Mohun, Queen Mary University:Introduction to Marxian Political Economy
  • Devrim Yilmaz, Kingston University:Minsky, Instability and Regulation of the Financial Sector
  • Andrew Higginbottom, Kingston UniversityTheories of underdevelopment and imperialism
  • Panel discussion:Why does Marxist economics matter?

Tuesday, 14 July, 9.00am - 5.00pm

  • Gary Dymski, Leeds University:Post-Keynesian and Marxian Approaches to Economic Policy: Can Global Capitalism be Tamed?
  • Student working groups in preparation of the Concluding Panel
  • Concluding Panel:Towards a Progressive Economic Policy, with E. Stockhammer, S. Mohun, and G. Dymski.
  • Panel discussion on post-crash student initiatives and curriculum reform with Rethinking Economics London, Rethinking Economics Kingston, Reteaching Economics and lecturer from the workshop

  • Registration (workshop only) for PKSG members: £20. To join, click here. Any current university student is eligible for membership at £10 per annum
  • Registration (workshop only): £45
  • Early Bird - Registration with accommodation (3 nights: Sat-Mon, 11/7-13/7) for PKSG members: £60 [until 1 June]
  • Early Bird-Registration with accommodation (3 nights: Sat-Mon, 11/7-13/7) for non-members: £85 [until 1 June]
  • Registration with accommodation for PKSG members (3 nights: Sat-Mon, 11/7-13/7) for PKSG members: £125 [after 1 June]
  • Registration with accommodation for non-members (3 nights: Sat-Mon, 11/7-13/7) for PKSG members: £150 [after 1 June]

Deadline for registration is 2 July. Booking must be done online at

PKSG has set aside a fixed sum to assist with the registration and UK travel costs of student participants at the workshop (please note this does not include the costs of travel to the UK). If you are unable to secure funding elsewhere, you are warmly encouraged to apply to Yannis Dafermos,, by email in the first instance, indicating your total UK travel expenses and the amount that you need to find from your own pocket. Applications should be made no later than 31 July 2015 and will then be considered asa group. If the requirement exceeds the fund available, the fund will be allocated pro-rata at the discretion of PKSG. If you are made an award, you will then need to present receipts before payment will be made, by bank transfer to a UK bank account, or otherwise by PayPal.


John Galsworthy Building, Kingston University, Penrhyn Road, Kingston, Surrey, KT1 2EE.

Accommodation will be in the Seething Wells Halls of Residence, Kingston University, Portsmouth Road, Surbiton, Surrey, KT6 5PJ.

Organising committee

Engelbert Stockhammer, Kingston University, Jo Michell, University of the West of England, Rafael Wildauer (email, Kingston University and Yannis Dafermos,University of the West of England.