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  2. Keynesian economics - Wikipedia

    en.wikipedia.org/wiki/Keynesian_economics

    However, by the late 1980s, certain failures of the new classical models, both theoretical (see Real business cycle theory) and empirical (see the "Volcker recession") [98] hastened the emergence of New Keynesian economics, a school that sought to unite the most realistic aspects of Keynesian and neo-classical assumptions and place them on more ...

  3. Mr. Keynes and the "Classics" - Wikipedia

    en.wikipedia.org/wiki/Mr._Keynes_and_the_"Classics"

    But if, on behalf of the ordinary classical economist, we declare that we would have preferred to investigate many of those problems in money terms, Mr. Keynes will reply that there is no classical theory of money wages and unemployment. This attaches considerable importance to the choice of units, as Keynes himself did when criticising Pigou.

  4. Keynesian Revolution - Wikipedia

    en.wikipedia.org/wiki/Keynesian_Revolution

    The early stage of the Keynesian Revolution took place in the years following the publication of John Maynard Keynes' General Theory in 1936. It saw the neoclassical understanding of employment replaced with Keynes' view that demand, and not supply, is the driving factor determining levels of employment. This provided Keynes and his supporters ...

  5. John Maynard Keynes - Wikipedia

    en.wikipedia.org/wiki/John_Maynard_Keynes

    Among others, Hyman Minsky and Post-Keynesian economists have argued that as a result, Keynes's ideas were diluted by those keen to compromise with classical economists or to render his concepts with mathematical models like the IS–LM model (which, they argue, distort Keynes's ideas).

  6. History of macroeconomic thought - Wikipedia

    en.wikipedia.org/wiki/History_of_macroeconomic...

    Despite discarding Keynesian theory, new classical economists did share the Keynesian focus on explaining short-run fluctuations. New classicals replaced monetarists as the primary opponents to Keynesianism and changed the primary debate in macroeconomics from whether to look at short-run fluctuations to whether macroeconomic models should be ...

  7. Comparison of Marxian and Keynesian economics - Wikipedia

    en.wikipedia.org/wiki/Comparison_of_Marxian_and...

    Marxism and Keynesianism is a method of understanding and comparing the works of influential economists John Maynard Keynes and Karl Marx.Both men's works has fostered respective schools of economic thought (Marxian economics and Keynesian economics) that have had significant influence in various academic circles as well as in influencing government policy of various states.

  8. The General Theory of Employment, Interest and Money

    en.wikipedia.org/wiki/The_General_Theory_of...

    The General Theory of Employment, Interest and Money is a book by English economist John Maynard Keynes published in February 1936. It caused a profound shift in economic thought, [1] giving macroeconomics a central place in economic theory and contributing much of its terminology [2] – the "Keynesian Revolution".

  9. New Keynesian economics - Wikipedia

    en.wikipedia.org/wiki/New_Keynesian_economics

    New Keynesian economists agree with New Classical economists that in the long run, the classical dichotomy holds: changes in the money supply are neutral. However, because prices are sticky in the New Keynesian model, an increase in the money supply (or equivalently, a decrease in the interest rate) does increase output and lower unemployment ...