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Phillips curve, is also assessed in the light of his own preference, which he shared with Keynes, for a pragmatic Marshallian …
Persistent link: https://www.econbiz.de/10010291906
on Keynes's place in its history, suggesting that these stem from a particular and debatable understanding of how the … subdiscipline has evolved. It considers some implications for today's awkward economic facts of aspects of Keynes' General Theory … that the questions about co-ordination that Keynes addressed, not to mention some of his answers, are well worth revisiting. …
Persistent link: https://www.econbiz.de/10010292008
The potted histories of macroeconomics textbooks are typically Keynes-centric. Keynes is credited with founding … classical macroeconomics) to Keynes. The real story is more complicated and involves at least two distinct threads. Keynes was … central. Keynes's vision of macroeconomics is better described as "medical." It is based in human psychology and individual …
Persistent link: https://www.econbiz.de/10011592196
men and great ideas standing with. J.M.Keynes proves in his book”The Economic Consequences of the Peace” that there is no …
Persistent link: https://www.econbiz.de/10012017000
Recently, national newspapers all over the world have suggested that we should reread John Maynard Keynes, and that … Hyman P. Minsky provides a valuable framework for understanding the world in which we live. While rereading Keynes and … interpretation and implementation of Keynes's ideas have been very different from what Keynes proposed, and they have been reduced to …
Persistent link: https://www.econbiz.de/10010266570
Right-wing critics of Keynes have often suggested that he was a socialist. His policy proposals were very often … described as a slippery slope that would lead society into a totalitarian nightmare. Alternatively, from the left, Keynes was … exploitative system. The scholarship on Keynes also remained divided. However, in the last few decades a more robust position in …
Persistent link: https://www.econbiz.de/10014546886
Macroeconomic theory has developed into increasingly sophisticated mathematical models. In the words of Mankiw, macroeconomics has developed from engineering into science. The Global Financial Crisis (GFC) revealed that the empirical relevance and the usefulness of these models is debatable. Why...
Persistent link: https://www.econbiz.de/10012214167
Peter Howitt is best known for his contributions to growth theory, but his work in short- run economics, which began with his Ph.D thesis and still continues, is important and deserves attention. It lies firmly in the Keynesian macro-disequilibrium tradition of Clower and Leijonhufvud, and for a...
Persistent link: https://www.econbiz.de/10014278230
Keynes' General Theory was a massive step forward relative to classical economics, but it was also a step backward in … its denial of the conflictual nature of capitalism. There is need to understand Keynes' technical contributions regarding …. Keynes made a fundamental contribution elucidating the mechanism of effective demand, and he also has claim to be the …
Persistent link: https://www.econbiz.de/10014329437
This paper revisits Keynes's (1930) essay titled "The economic possibilities for our grandchildren." We discuss the … three broader trends identified by Keynes that he expected would come to characterize the socio-economic evolution of …
Persistent link: https://www.econbiz.de/10014474505