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Persistent link: https://www.econbiz.de/10011920840
microeconomics and general equilibrium theory. Basically, the goal was to study the formation of economic plans and the determination … analyses of his ‘stock-flow' price theory. My paper aims to fill this gap. In light of his doctoral dissertation, I show that …
Persistent link: https://www.econbiz.de/10013010079
This paper reflects on the history and enduring relevance of Keynes? economics. Keynes unleashed a devastating critique of classical macroeconomics and introduced a new replacement schema that defines macroeconomics. The success of the Keynesian revolution triggered a counter-revolution that...
Persistent link: https://www.econbiz.de/10011924527
microeconomics and general equilibrium theory. Basically, the goal was to study the formation of economic plans and the determination … analyses of his 'stock-flow' price theory. My paper aims to fill this gap. In light of his doctoral dissertation, I show that …
Persistent link: https://www.econbiz.de/10011592250
Robert W. Clower's article "The Keynesian Counter - Revolution: A Theoretical Appraisal" (1965) deeply influenced the course of Keynesian macroeconomics by contributing to the transition from IS/LM macroeconomics to fix - price theories. Des pite this influence, no scholar proposed to explain...
Persistent link: https://www.econbiz.de/10011602774
distinction was drawn quite independently of Keynes, yet Keynes's General Theory led to its widespread adoption. The question of … directly in Keynes's own theorizing in the General Theory; a fixed-price general-equilibrium theory, which includes some work … programs and their interrelationship, especially in relationship to the programs of general-equilibrium theory and econometrics …
Persistent link: https://www.econbiz.de/10011603312
subdiscipline has evolved. It considers some implications for today's awkward economic facts of aspects of Keynes' General Theory …
Persistent link: https://www.econbiz.de/10003868819
to conventional macroeconomic theory. In the spirit of this endeavour, we construct a Keynes-Kalecki model of cyclical …
Persistent link: https://www.econbiz.de/10013138130
The DSGE models are based on hypotheses that have the effect of excluding the possibility of severe financial and economic crises with the consequent policy implications going in the laissez-faire direction. The hypothesized unique and stable equilibrium in combination with rational expectations...
Persistent link: https://www.econbiz.de/10013114759