7th International Workshop on Demand-led Growth: The ‘General Theory’ at 90

July 20-23, 2026

Schedule: TBA
Invited Speakers: TBA

CALL FOR PAPERS

APRIL 15: submission deadline
MAY 01: notification of selected papers

Link for submissions: TBA

2026 marks the 90th anniversary of the publication of The General Theory of Employment, Interest and Money, one of the most influential works in the history of economic thought. John Maynard Keynes’s masterpiece, considered the founder of modern macroeconomics, revolutionized the way economists and policymakers understood output, employment, and government intervention. In the midst of the Great Depression, Keynes challenged the prevailing view that markets naturally tended toward full employment, proposing instead that aggregate output is determined by aggregate effective demand.

Ninety years later, Keynes’s ideas remain at the heart of modern macroeconomic debates. The General Theory not only laid the intellectual foundation for postwar economic policy and the welfare state but also inspired generations of economists that followed in his footsteps. The emergence of post-Keynesian economics in the mid-20th century sought to return to the original, more radical spirit of Keynes’s thought—emphasizing uncertainty, income distribution, financial instability, and the social nature of investment decisions. Figures such as Joan Robinson, Nicholas Kaldor, Paul Davidson, and Hyman Minsky extended Keynes’s insights beyond the confines of the neoclassical synthesis, forging a dynamic and empirically grounded alternative that remains vital today.

This is strictly connected to the vision of the organizers and participants of the Demand-led Growth Workshop, currently in its seventh edition. This line of research seeks to make the Keynesian-Kaleckian principle of effective demand compatible with the classical surplus approach. Growth, in this view, is demand-led and restricted by economic policy and the balance of payments. Within this framework, macroeconomic policies are fundamental to growth, inflation and income distribution. The workshop organizers believe that building policy-relevant analyses, in addition to theoretical and applied models to better understand the current performance of advanced and developing countries, will contribute to the soundness of this theoretical approach.

The aim of the 7th edition of the Workshop is to revisit Keynes’s legacy, exploring both the enduring power and the evolving challenges of his framework in the 21st century. We encourage submissions that broadly fall within the topics of the conference, and, in particular, on “Keynes’ principle of effective demand”, “Keynes and post-Keynesian theory”, “post-Keynesian monetary theory”, “controversies on Keynes’ chapter 17”, and “Keynesian macroeconomic policy’. Our goal is not merely to commemorate a great book, but to engage critically with its lessons, seeking new insights into how Keynesian thought can guide us for the decades ahead.

ARTICLES THAT BROADLY FALL WITHIN THE FOLLOWING TOPICS ARE WELCOME:

• Keynes’ principle of effective demand;
• Keynes and post-Keynesian theory;
• Post-Keynesian monetary theory;
• Controversies on Keynes’ chapter 17;
• Keynesian macroeconomic policy;
• Demand-led growth and sustainable development;
• Monetary and fiscal policy, Central Bank, monetary and financial channels in an open economy;
• Demand-led growth, capital flows and external constraints;
• Growth regimes, growth engines, growth models and autonomous demand: debates between post-Keynesians and comparative political economy;
• Conflict inflation, personal and functional income distribution;
• Structuralism, classical political economy and demand-led growth;
• Demand-led growth, theories of stagnation and stagnation policies;
• Demand-led growth, capacity utilization and labor unemployment;
• Demand-led growth and macroeconomic policies;
• Functional finance: implications for monetary and fiscal policies;
• Stock-flow and monetary circuit approaches to money and finance;
• Monetary and financial determinants and constraints of demand-led growth.

Papers should be written in English and contain a title, abstract (maximum 200 words), authors' names, institution and e-mail address. It is recommended that articles have a maximum of 8000 words.

THE GODLEY-TOBIN LECTURE

Starting with the 2026 edition, the International Workshop on Demand-led Growth will host the Godley-Tobin Lecture every two years. The Godley-Tobin Lecture is an annual conference organized by the journal Review of Keynesian Economics (ROKE) – Qualis A1, Impact Factor 2.7 – with the aim of honoring two of the most influential Keynesian economists: Wynne Godley and James Tobin. This event was created in 2018 and has been held annually since then, with three Nobel Prize-winning economists participating. As a result of the Godley-Tobin lecture, an article written by the guest speaker is subsequently published in Review of Keynesian Economics.

Godley and Tobin contributed decisively to the development of stock-flow consistent macroeconomic models, advocating the use of aggregate functions instead of simplistic microeconomic models and highlighting the importance of full employment. Godley, known for his accuracy in predicting economic crises such as the internet and real estate bubbles, had a distinguished academic career at Oxford and Cambridge. Tobin, winner of the Nobel Prize in Economics and the John Bates Clark Medal, was one of the great names in American economics, with distinguished work at Yale University and on the Kennedy administration's Council of Economic Advisers. The Godley-Tobin Lecture seeks not only to celebrate their contributions, but also to revitalize their approaches as an alternative to mainstream macroeconomic thinking.

2025 – Professor Bradford DeLong: “Principles of Stabilization Policy and their Application”.

2024 – Professor Antonella Stirati: “Beyond the NAIRU”.

2023 – Professor Joseph Stiglitz: “Neoliberalism, Keynesian Economics, and Responding to Today’s Inflation”.

2022 – Professor Paul Krugman: “The Second Coming of Tobinomics".

2021 – Professor Marc Lavoie: “Godley versus Tobin on Monetary Matters”.

2020 – Professor Robert Shiller: “Animal Spirits and Viral Popular Narratives”.

2019 – Professor Robert Rowthorn: “Keynesian Economics: Back from the Dead?”

2018 – Professor James Galbraith: “A Global Macroeconomics–yes, Macroeconomics, Dammit–of Inequality and Income Distribution”.

ORGANIZING COMMITTEE:

Carlos Pinkusfeld Monteiro Bastos (Centro Celso Furtado and UFRJ)
Eduardo Mantoan (UFRJ)
Guilherme Haluska (UFRJ)
Guilherme Morlin (University of Pisa)
Gustavo Bhering (UFRJ)
Leticia Inácio (UFRJ)
Lidia Brochier (UFRJ)
Matias Vernengo (Bucknell University)
Nathalie Marins (UFRJ)
Ricardo de Figueiredo Summa (UFRJ)
Vinicius Carneiro (UFRJ)

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