After a short outline of how Keynes' monetary theory was being accepted, read and discussed before the transition period started at early 1990s, two key issues somehow connected with Keynes are being analyzed in this paper. The first issue focuses on the problems of selling of business...

Harry Johnson's 1971 ideas about the factors affecting the success of the Keynesian Revolution and the Monetarist Counter-revolution are summarised and extended to the analysis of the Rational Expectations - New Classical (RE-NC) Revolution It is then argued that, whereas Monetarism brought...

Lucas (1972) was a paper that permanently changed the course of macroeconomics, even though its "money supply surprise" model lost its central place in the area within a decade because of empirical difficulties. However, Lucas's novel methodology, based on clearing markets and rational...