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1057/9780230374126 - Post Keynesian Economics, Thomas I. com - licensed to University of Newcastle, Australia - PalgraveConnect - 2014-03-15 30 31 assumptions that firms are perfect competitors who believe they can sell as much as they wish to at the going price. In Chapter 5 of the GT Keynes introduces the effect of expectations of aggregate demand, and this subtly reconfigures the representation of aggregate supply behavior. This reconfiguration is at the heart of Weintraub's (1957) formulation of the Post Keynesian approach to aggregate supply which is examined and used in Chapters 5 and 9 of the current book.

For the most part, this base has two characteristics: first, schools of thought capture economics departments, which then adopt and promote their point of view. Second, schools of thought capture publication vents (usually university presses and scholarly journals), which are then used to promulgate the message associated with the school. Such a view of knowledge can be incorporated within the economist's metaphor of the market place of ideas. However, whereas this market place has traditionally been represented in terms of perfect competition, the new view emphasizes imperfections and manipulations.

This branch includes Geoffrey Harcourt, Luigi Pasinetti, and Pierro Garegnani. However, the standing of this branch to American Post Keynesianism is contested: thus, it is unclear whether both groups are united simply by their opposition to the mainstream, or whether they share deep theoretical commonalities. 3. See for instance my own paper (Palley, 1990). 4. Within conventional neo-classical models, monetization of the government budget deficit is one channel through which loans create money.

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