In a nutshell   

Οur main objective in this study will be to provide a methodologically consistent overview of the historical evolution of the post war Greek economy up to and including the current crisis from a Classical-Marxian perspective. In particular we propose to construct a macroeconometric model of the Greek economy influenced by the Classical-Marxian tradition and compare its results with those of a mainstream DSGE model. Our approach utilizes a number of innovations in macroeconomic modelling such as the distinction between productive and unproductive labour, sectoral variations in the level of competition, sectoral variations in the distribution of income, and others. Our proposed estimation procedure uses state-of-the-art panel GMM and panel cointegration techniques. Particular emphasis is placed towards the need for methodological consistency in macroeconometric modelling and the need to reinvigorate the debate between orthodox and heterodox approaches to economics after the experiences of the deep depression of the Greek economy during the second decade of the 21st century.