Keynesian economics focuses on demand-side solutions to recessionary periods. The intervention of government in economic processes is an important part of the Keynesian arsenal for battling unemployment, underemployment, and low economic demand. The emphasis on direct government intervention in the economy ...
Monetarist economics refers toMilton Friedman's direct criticism of theKeynesian economicstheory created byJohn Maynard Keynes. Also referred to as monetarism, the difference between these theories is thatmonetaristeconomics involves the control of money in the economy. Keynesian economics invol...
Keynesian economics focuses on aggregate demand to explain levels of unemployment and the business cycle.───凯恩斯经济学的重点解释的失业水平和商业周期的总需求. as America's leading standard-bearer for Keynesian economics, he called himself a "cafeteria Keynesian", just picking the bits he liked....
After a brief review of the main differences between New and Old Keynesian economics from the sixties this paper focuses on a tension between traditional sluggish measures of potential output commonly used by policymakers and the New Keynesian (NK) notion of this variable which conceptualizes it as...
The “bad penny” ofKeynesian economics(based on the “broken window fallacy“) has returned, as I discussed in an interview last week. While I’mnot a fanof Keynesianism, I tried to give a fair description of the theory. I pointed out that supporters think government spending can “prime...
Post Keynesian economics focuses on aggregate macro relations and balances, monetary and financial factors, and aggregate employment determination. Institutionalist economics concentrates on intersectoral relations and balances, technological and structural factors, and sectoral employment considerations. Of course,...
We argue that the ideas associated with the third way continue to influence these governments and, more broadly, other governments and the European Union, and that these ideas are firmly embedded in New Keynesian economics. Our paper then focuses on some particular aspects of New Keynesian ...
This article focuses on the feature of Keynesian Models of the Short Run and the Steady State. The distinguishing feature of a Keynesian model is an investment function which is independent of the savings function, like the abandonment of Say's Law. Short-run models have accommodated this additi...
Monetarism builds on the Keynesian theory by assuming the same macroeconomic framework and integrating the equation of exchange (with V swinging cyclically, as Keynes argued), but instead focuses on the role played by money supply. Because they believe that V can be relatively easily predicted, mon...
This text highlights the major empirical questions and issues facing Post Keynesian economics today. Featuring contributions by leading Post Keynesian economists, it focuses on public policy and real-life analysis of this vibrant and dynamic economic theory. In language that is accessible to upper-level...