S. Keynesianism: A Lack of Historical Perspective and the Decline of the New Economics. Journal of Economic Issues.Vol. 9, no. 3, septiembre, 1975.Chase, R.X., 1975, "Keynes and the U.S. Keynesianism: A lack of Historical Perspective and the decline of the New Economics", Journal ...
But proponents of Keynesian economics never learn from their mistakes. They simply assert that their policies somehow would have worked if the government spent even more money and maintained profligacy over a longer period of time. You may think I’m joking, but here’s another example of this...
economics. Neo-Keynesian models received a harsh critique from different sides (neoclassical and “neoliberal” economics as well as heterodox Post-Keynesians) during the 1970s and 1980s as they were accused of having led to the stagflation period of the 1970s by making false policy prescriptions ...
322-31.5. For an example, see S. Steinmo, K. Thelen, F. Longstreth (eds), Struc- turing Politics: Historical Institutionalism in Comparative Analysis (New York: Cambridge University Press, 1992).6. See his contribution to the aforementioned, Peter A. Hall, 'The Move- ment from Keynesian...
In a situation where no model’s structure is considered completely satisfactory from a theoretical perspective and many competing models fit the historical data of key aggregates reasonably well, it is not advisable to base real-world policy recommendations on a single preferred model. Instead, rese...
a model such as Meyer's is based on normal historical relationships and therefore assumes that the typical transmission mechanisms are working. For example, a drop in Treasury yields would lower borrowing costs for consumers and businesses, helping to stimulate consumption, business investment and hous...
As an aside, Professor Cowen’s point 12 befuddles me completely: 12. Whether we like it or not, large chunks of Asia still seem to regard Keynesian economics with contempt. They prefer to stress supply-side factors. I would say that the Chinese government’s response to the global recessio...
The Global Financial Crisis after 2007 offers a good example of the consequences: “This resulted in a ‘race to the bottom’ among the rating agencies on the stringency of their ratings” (Eggert2009: 1281). A whole range of contributions from behavioural economics demonstrate (and, thus, can...
Attention to historical time (in contrast with the logical time in neoclassical economics) highlights the fact that “past events influence current outcomes” (Setterfield2001, 97) and provides room for considering phenomena such as path dependence, hysteresis, and cumulative causation. ...
Mogens Madsen