1. Introduction
I begin by setting out the core of Post Keynesian macroeconomics, using six propositions asserted by Tony Thirlwall and drawing some important conclusions from them. I then distinguish three schools within Post Keynesian theory: the fundamentalist Keynesian approach taken by Paul Davidson, the Kaleckian variant represented by Eckhard Hein, and Hyman Minsky’s financial instability hypothesis. I take note of both their differences and their very significant points of agreement. I continue by identifying what Post Keynesian macroeconomics is not, and outlining some very substantial criticisms of both "Old Keynesian" and "New Keynesian" theory. There follows an historical interlude, in which I sketch the development of Post Keynesian theory in Cambridge (UK) and the United States in the 1950s and 1960s and summarise the contributions of two eminent Austrian theorists, Josef Steindl and Kurt Rothschild.
