The New Economics-Keynes' Influence on Theory and Public Policy.
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The paper reviews and assesses the negative and positive advice which has been offered by various fellow economists to heterodox economists in general, and Post-Keynesian economists in particular, in light of changes that have occurred within neoclassical economics and in light of the rising hegemony of mainstream economics in economics departments. Various strategies are considered, among which is more engagement with orthodox dissenters, but it is concluded that the majority of heterodox economists ought instead to engage more with other heterodox economists and possibly other social sciences, developing and expanding their own agenda around real-world problems.
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In Chapter 2, the methods and the history of post-Keynesian economics are reviewed. First, heterodox economics in general, including post-Keynesian economics, is distinguished from orthodox economics from a methodological perspective. Then the different strands in post-Keynesian economics are presented: The fundamentalist Keynesians, the Kaleckians, the Kaldorians, the Sraffians and the institutionalists. Their differences and, in particular, their commonalities, are pointed out. It is argued that there are five major claims or features common to these strands, which make post-Keynesian economics a distinct school of thought in heterodox economics. Then, the stages of development of post-Keynesian economics since the foundation of this school with the works of Michal Kalecki and John Maynard Keynes are presented. Finally, the current state of post-Keynesian economics as an alternative to mainstream orthodox economics is briefly assessed.
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This paper surveys some the main developments in macroeconomics since the anti-Keynesian counter-revolution 40 years ago. It covers both mainstream and heterodox economics. Amongst the topics discussed are: New Keynesian economics, Modern Monetary Theory (MMT), expansionary fiscal contraction, unconventional monetary policy, the Phillips curve, and hysteresis. The conclusion is that Keynesian economics is alive and well, and that there has been a degree of convergence between heterodox and mainstream economics.
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I explore how Keynesian ideas made their way into British public policy. I argue that the breakdown of pre-First World War macroeconomic conditions led to a ‘blocked’ system, where the adjustment mechanisms presupposed by classical economics were jammed, and that Keynesian economics offered an escape from this system. I explain the Keynesian response to the new problems in monetary and fiscal policy: the gold standard impeding credit control, and the tenacity of the balanced budget rule, respectively. Finally, I outline how Keynes's ideas took hold after the Great Depression via the events at the Macmillan Committee, and their policy implications.
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of the Review of Keynesian Economics.The lecture was attended by a large audience and the Question & Answer session provoked a stimulating discussion.Prompted by that discussion, we thought it would be interesting to invite some leading economists to independently address Professor Rowthorn's lecture topic.This symposium is the outcome of that invitation.We are living in a time which many believe has a distinctly Keynesian character.That is captured in the belief that many economies appear to suffer from aggregate demand shortage or, at least, a proclivity to demand shortage.It is also captured in the revival of the concept of 'economic stagnation,' which was an idea that had much traction in the 1930s and 1940s but then fell away in the 1950s with the postwar boom and the non-reappearance of depression-like conditions.Another Keynesian feature of the times is the character of macroeconomic policy, particularly fiscal policy.Following the financial crisis of 2008 and the Great Recession it spawned, there was a global turn to sizeable coordinated fiscal stimulus.Though that turn was truncated (Keynesians would say mistakenly), its legacy remains in place in the sense that discretionary counter-cyclical fiscal policy is back.That is evident in the renewed widespread belief among economists and policymakers regarding the value of fiscal stimulus to combat recessions, though the details of when, how, and how much are still contested.That contrasts with the situation before the Great Recession when the mainstream consensus was that discretionary counter-cyclical fiscal policy was largely ineffective.Likewise, activist monetary policy is back.The Keynesian approach to monetary policy never suffered quite the same eclipse as fiscal policy, but it still suffered.First came the attacks of Monetarists who recommended money-supply targeting and a money-supply growth rule.That was then replaced by the 'Taylor rule' approach which recommends counter-cyclical interest-rate targeting, but relies on a fixed rule for doing so.Now, in the wake of the financial crisis, the 'rules' approach to interest-rate policy has given way to 'discretion.'Furthermore, there has been a shift in favor of quantitative monetary policy, which had been essentially exiled since the mid 1970s.
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(1997). The Unemployment Problem and the Legacy of Keynes. Journal of Post Keynesian Economics: Vol. 19, No. 4, pp. 525-542.
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Abstract Post-Keynesian theory was developed as an alternative to mainstream neoclassical economics. However, post-Keynesians have not succeeded in getting their message through, partly because of the difficult and controversial economic issues upon which they embarked, partly because they emphasized, both in their monetary and growth analysis, theories that do not radically depart from the mainstream of economics. This paper therefore argues that post-Keynesian economics got off on the wrong foot. Rather than having emphasized the works of Minsky and (the early) Kaldor in money, post-Keynesians should have considered the contributions of Robinson and Kahn. Also, rather than having emphasized the work of Robinson and Harrod on growth, they ought to have given greater emphasis to Kaldor's demand-oriented growth theory. Hence, as a simplification, post-Keynesians should have considered Robinson on money, not Kaldor; and Kaldor on growth, not Robinson. Keywords: Money Growth Post-KEYNESIANS Nicholas Kaldor Joan Robinson Cambridge School
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This paper surveys some of the main developments in macroeconomics since the anti-Keynesian counter-revolution 40 years ago. It covers both mainstream and heterodox economics. Amongst the topics discussed are: New Keynesian economics, Modern Monetary Theory, expansionary fiscal contraction, unconventional monetary policy, the Phillips curve, hysteresis, and heterodox theories of growth and distribution. The conclusion is that Keynesian economics is alive and well, and that there has been a degree of convergence between heterodox and mainstream economics.
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