The term post-Keynesian first appeared in print during 1975 when Alfred Eichner and Jan Kregel used it to describe a distinct school of thought. This label emerged years after John Maynard Keynes published The General Theory in 1936.
Effective demand serves as the core principle where demand matters in both the long run and short run. A competitive market economy possesses no natural tendency toward full employment according to these theorists.
Philip Arestis and Victoria Chick founded this United Kingdom academic association in 1988 as the Post-Keynesian Economics Study Group before changing its name in 2018. Research appears regularly in journals like Review of Keynesian Economics, Cambridge Journal of Economics, and Journal of Economic Issues.
Modern Monetary Theory emerged independently when Warren Mosler modeled currency itself as a public monopoly. This approach recognizes that coercive taxation drives the currency through tax credits while price levels function off state prices.
The New School in New York City and University of Massachusetts Amherst host significant programs in the US. Erasmus University Rotterdam and Maastricht University maintain strong presence in the Netherlands.