Search results
Results from the WOW.Com Content Network
Post-Keynesian economists, on the other hand, reject the neoclassical synthesis and, in general, neoclassical economics applied to the macroeconomy. Post-Keynesian economics is a heterodox school that holds that both neo-Keynesian economics and New Keynesian economics are incorrect, and a misinterpretation of Keynes's ideas. The post-Keynesian ...
Keynesian economics therefore acted as a middle-way for many developed liberal capitalist economies to appease the working class in lieu of a socialist revolution. [15] Keynes himself also argued against the creation of a class war, noting that "[t]he class war will find me on the side of the educated bourgeoisie".
John Maynard Keynes (right) and Harry Dexter White at the Bretton Woods Conference in 1944. The post-war displacement of Keynesianism was a series of events which from mostly unobserved beginnings in the late 1940s, had by the early 1980s led to the replacement of Keynesian economics as the leading theoretical influence on economic life in the developed world.
New Keynesian economics developed in the 1990s and early 2000s as a response to the critique that macroeconomics lacked microeconomic foundations. New Keynesianism developed models to provide microfoundations for Keynesian economics.
Keynes's interpretation is rejected by many economists as a misinterpretation or caricature of Say's law — see Say's law: Keynes vs. Say — and the advocacy of the phrase "supply creates its own demand" is today most associated with supply-side economics, which retorts that "Keynes turned Say on his head and instead stated that 'demand ...
The correction [18] is based on the mechanism we have already described under Keynesian economic intervention. Money supply influences the economy through liquidity preference, whose dependence on the interest rate leads to direct effects on the level of investment and to indirect effects on the level of income through the multiplier.
The Review of Keynesian Economics (ROKE) is a quarterly double-blind peer-reviewed academic journal covering Keynesian and Post-Keynesian economics, although it is also open to other heterodox traditions. It is published by Edward Elgar Publishing and was established in 2012.
The Keynesian revolution has been criticized on a number of grounds: some, particularly the freshwater school and Austrian school, argue that the revolution was misguided and incorrect; [citation needed] by contrast, other schools of Keynesian economics, notably Post-Keynesian economics, argue that the "Keynesian" revolution ignored or ...