The following is reproduced from "An Essay on Post-Keynesian Theory: A New Paradigm in Economics", Al Eichner and Jan Kregel's 1975 Journal of Economic Literature article. Of course, the table being a summary, all entries are highly stylized.
|Aspect||Post Keynesian Theory||Neoclassical Theory|
|Dynamic properties||Assumes pronounced cyclical pattern on top of a clearly discernible growth path||Either no growth, or steady-state expansion with market mechanisms assumed to preclude any but a temporary deviation from that growth path|
|Explanation of how income is distributed||Institutional factors determine a historical division of income between residual and non-residual shareholders, with changes in that distribution depending on changes in the growth rate||The distribution of income explained solely by variable factor inputs and the marginal productivity of those variable factor inputs|
|Amount of information assumed to be available||Only the past is known, the future is uncertain||Complete foresight exists as to all possible events|
|Conditions that must be met before the analysis is considered complete||Discretionary income must be equal to discretionary expenditures||All markets cleared with supply equal to demand in each of those markets|
|Microeconomic base||Imperfect markets with significant monopolistic elements||Perfect markets with all micro units operating as price takers|
|Purpose of the theory||To explain the real world as observed empirically||To demonstrate the social optimality if the real world were to resemble the model|