Post-Keynesian Economics: Uncertainty, Money, and Crisis

Keynes as read by Joan Robinson, Kalecki, Kaldor, and Minsky. Study fundamental uncertainty, effective demand, endogenous money, and why financial systems are prone to crisis, 1-on-1 with professors who know the tradition from the inside.

Post-Keynesian Economics is one of the focuses you can choose in Elton's Heterodox Economics graduate certificate and master's concentration. Study it in depth, compare it with other traditions, or build your own synthesis, guided by professors who know each school well.

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What Is Post-Keynesian Economics?

Post-Keynesian economics builds on the most radical ideas in John Maynard Keynes's General Theory: that the future is genuinely uncertain, that spending drives output and employment, and that a money-using economy can stay stuck in unemployment or slide into crisis on its own.

Keynes's Cambridge colleagues Joan Robinson, Nicholas Kaldor, and Richard Kahn, together with the Polish economist Michał Kalecki, turned those ideas into a full school of thought. Hyman Minsky added a theory of how stability breeds instability in finance, and after 2008 his name was everywhere.

You will read the founders in their own words, learn the models modern Post-Keynesians use, and see how the school compares with New Keynesian and Austrian accounts of money and the business cycle.

Money and crisis

Understand Why Economies Boom and Bust

These are the kinds of questions you can explore with your professors:

Where does money come from, and why do banks create it when they lend?
Why did the 2008 financial crisis surprise so many economists?
Do higher wages help or hurt growth?
How should governments respond when private spending collapses?

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Charts and graphs of data on a laptop screen

In their own words

Key Thinkers You Will Read

You read the classic texts alongside today's research, so you understand not just what these economists argued but why.

John Maynard Keynes

The General Theory: effective demand, uncertainty, and liquidity preference.

Joan Robinson

Imperfect competition, capital theory, and the Cambridge critique of the mainstream.

Michał Kalecki

Markup pricing, the distribution of income, and the political business cycle.

Nicholas Kaldor

Growth, manufacturing, and endogenous money.

Hyman Minsky

The financial instability hypothesis: how stability breeds instability.

Wynne Godley

Sectoral balances and stock-flow consistent models of the whole economy.

What you study

Core Ideas

Fundamental Uncertainty

Why the future cannot be reduced to known probabilities, and how conventions and "animal spirits" fill the gap.

Effective Demand

How spending determines output and employment, in the short run and the long run.

Endogenous Money

How banks create money when they lend, and what that means for central banks and policy.

Financial Instability

Minsky's hedge, speculative, and Ponzi finance, and how financial fragility builds up in good times.

Distribution & Growth

Kaleckian models of wage-led and profit-led growth, and the evidence on which economies are which.

Stock-Flow Consistent Modeling

Godley and Lavoie's method for modeling the economy so every flow and balance sheet adds up.

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No party line

Debates and Critiques

Mainstream economists question the school's lack of shared microfoundations, and Austrians reject its case for active policy. Inside the tradition, Kaleckians, Sraffians, and fundamentalist Keynesians disagree about method. You will study these debates openly and test Post-Keynesian claims against the evidence, especially the record since 2008.

Elton's program is pluralist: your professors help you understand each school on its own terms, weigh it fairly against the evidence, and reach your own conclusions.

How it works

Learn 1-on-1 With Expert Professors

Map Your Interests

With your advisor, build a learning plan around Post-Keynesian Economics and the fields and questions you care about most.

Meet Your Professors

Meet each week in tutorials of one to three students. Read, discuss, and get feedback on your work from economists who know the tradition well.

Build Real Work

Write policy briefs, build models, analyze data, and research the questions that matter to you, with your professors guiding every step.

Graduate With a Portfolio

Leave with research papers, analyses, and policy proposals that show how you think, ready to share with employers or journals.

Admissions

Eligibility

To enroll in a master's program or graduate certificate, you need one of the following:

A bachelor's degree, or
Some college and 5 years of relevant work experience, or
Proof of your ability to engage in master's-level study.

No standardized tests are required: no GRE, no GMAT.

Tuition

Same Tuition as the Economics Program: $18,000

Post-Keynesian Economics is a focus within Elton's economics graduate certificate and master's concentration, so it shares the same tuition, financial aid, and timeline: $18,000 total, with a 10% discount if you pay in full upon enrollment. The graduate certificate on its own is $8,000.

Start Immediately - Other programs require you wait until September or January to start. With Elton you can start immediately.
No Risk First Month - If during the first month you or Elton decide that you are not a fit for the university, you will receive a full refund.
Stacking Credentials - If you stop the program early, you still earn your graduate certificate in economics if you have completed 1/3 of the program.

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Questions

Frequently Asked Questions About Post-Keynesian Economics

What is Post-Keynesian economics?

Post-Keynesian economics is a school of thought that builds on Keynes's ideas about uncertainty, effective demand, and money, as developed by Joan Robinson, Kalecki, Kaldor, Minsky, and their successors.

How is it different from New Keynesian economics?

New Keynesian models keep the mainstream equilibrium framework and add frictions such as sticky prices. Post-Keynesians argue that uncertainty, money, and demand matter even without those frictions, and that the economy has no automatic tendency toward full employment.

Is Post-Keynesian Economics a separate degree?

No. It is a focus within Elton's economics graduate certificate and master's concentration. You earn the same credential, with your reading, tutorials, and portfolio centered on this tradition.

Can I study other schools of thought too?

Yes. Many students compare two or three traditions, or study mainstream economics alongside a heterodox school. Your advisor helps you build the mix that fits your goals.

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