This synthetic commentary offers a handful of observations. First, it highlights structural differences between the advanced market/capitalist economy that forms the theoretical scaffolding of Keynesian theory, as against the diverse range of structural and institutional configurations that characterise contemporary developing economies. Second, bearing these distinctions in mind, how far does the notion of “full employment” hold relevance in the context of developing economies? Third, the focus shifts to the central Keynesian policy prescription: reflating economic activity through injecting additional demand into the system, in extremis through pump-priming, digging and filling trenches – would this perform in a poor agrarian economy? Would the multiplier work and deliver in the realities of developing economies? Fourth, the central policy agenda in the South was that of launching industrialisation, leading to a sustained structural transformation of the economy – a la the Kaldorian industrialisation paradigm, which is scarcely visible in the (post-)Keynesianism template. Fifth, it queries the investment function and the role of state investment, and/or of “animal spirits” of capitalist entrepreneurs and agents, whether of domestic or foreign origins. Sixth, there is need to widen the focus, as well argued by Hans Singer, Amiya Bagchi and others, from Keynes-I of The General Theory, to Keynes-II of Bretton Woods, thereby substantially widening the interface with the agenda of development. Finally, there is the inevitable question concerning the nature and role of the state in the contrasting developed-vs-developing-economy, then-and-now scenarios. This discursive commentary is largely a Cambridge dialogue, not inappropriate in a tribute to Geoff Harcourt.

This essay is a review of and tribute to the life and contributions of Nina Shapiro, who passed away this year. Shapiro was an American Post-Keynesian economist, who was a bridge figure in radical economics, connecting Marx to Keynes, Schumpeter to Kaldor, the behavior of the firm to the dynamics of the macroeconomy, and the process of innovation to the organization of production and accumulation. She was seminal to important moments in the history of radical economics in the US, including the formation of the Hegel-inspired journal Social Concept in the 1980s and the Rutgers University’s Post-Keynesian circle in the 1980s and 1990s. Shapiro’s deeply philosophical and dialectical approach to firm behavior, innovation, and business cycles led her to theorize the “revolutionary character” of Post-Keynesian economics and to formulate a critique of the competitive neoclassical firm which, she argued, is at odds with the logic of capitalism in which firms seek to make profit and grow.

Recurring economic crises, like the one of 2007-2008, led to criticism of economic research and a demand to develop new strategies to avoid them. Standard economic theories use conventional approaches to deal with economic challenges, heterodox theories try to develop alternatives with which to face them. It remains unclear whether the 2007-2008 crisis led to a change in economic research as well as to a consideration of alternative approaches. We used co-word analysis to map the structure of economic research in Germany between 2005 and 2014. Core topics within economic research, such as “market” or “production” hardly shift and can be linked to standard economic theories. Peripheral topics such as “inequality” or “unemployment” show greater dynamics. However, only a few of these topics can be linked to heterodox approaches. Certain changes have occurred in reaction to the 2007-2008 crisis. However, the unchanged importance of standard economic topics raises the question whether these changes are sufficient to face coming economic challenges.

The strong and positive relationship between gross domestic product (GDP) and health expenditure is one of the most extensively explored topics in health economics. Since the global financial crisis, a variety of theories attempting to explain the slow recovery of the global economy have predicted that future economic growth will be slower than in the past. Others have increasingly questioned whether GDP growth is desirable or sustainable in the long term as evidence grows of humanity's impact on the natural environment. This paper reviews recent data on trends in global GDP growth and health expenditure. It examines a range of theories and scenarios concerning future global GDP growth prospects. It then considers the potential implications for health care systems and health financing policy of these different scenarios. In all cases, a core question concerns whether growth in GDP and/or growth in health expenditure in fact increases human health and well-being. Health care systems in low growth or ‘post-growth’ futures will need to be much more tightly focused on reducing overtreatment and low value care, reducing environmental impact, and on improving technical and allocative efficiency. This will require much more concerted policy and regulatory action to reduce industry rent-seeking behaviours.