Major Currents in Poslkeynesian Economics in Search for a New Market Model

The model of a competitive market with the Walrasian auctioneer is the starting point and a basic element of neoclassical theory. In spite of a number of modifications it has in principle been relevant till today. Keynes abandoned the analysis in Walrasian categories, pointing out that it is incorrect both to limit the analysis to trade-off effects of changes in price relations and to reduce the analysis of social relations to conditions of general equilibrium in a competitive economy. However, he did not reject - probably not without reasons - the homo economicus paradigm. He stopped half way in his work on restructring the market theory, which gave his followers different interpretation possibilities. Referring among others to the writings of M. Kalecki and J. Robinson, post-Keynesianism departed from neoclassical microeconomics and adopted as the starting point of reflections the model of the oligopolistic market where the inflation rate replaced the price relations as the key category. Neo-Keynesianism (R. Clower, A. Leijonhufvud) attempts to derive Keynesian macroeconomic implications from essentially neoclassical microeconomic bases. The teoretical core of that direction is the hypothesis of dual decisions within the framework of which on the adopted assumptions of high costs of information acquisition and a non-auction procedure of search, the market coordination o f actions of economic units breaks down. Communication between representatives of neo- and post-Keynesianis is, however, fairly limited because of the essentially different frames of analysis, which hinders progress in building a market model which would be both realistic and theoretically satisfactory