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The Fall and Rise of Keynesian Economics

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  • Blinder, Alan S

Abstract

Keynesian economics came under much criticism in the 1970s. This paper argues that the decline in Keynesian economics and the rise in, notably, new classical economics in this period is related to their respective theoretical appeal rather than their ability to explain developments in the macroeconomy. As this has become increasingly recognized, and with the development of sound microeconomic foundations, Keynesian economics has again been on the rise. Copyright 1988 by The Economic Society of Australia.

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Bibliographic Info

Article provided by The Economic Society of Australia in its journal The Economic Record.

Volume (Year): 64 (1988)
Issue (Month): 187 (December)
Pages: 278-94

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Handle: RePEc:bla:ecorec:v:64:y:1988:i:187:p:278-94

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Cited by:
  1. Hélène Zajdela & Thierry Laurent, 1999. "De l'équilibre de sous-emploi au chômage d'équilibre : la recherche des fondements micro-économiques de la rigidité des salaires," Cahiers d'Économie Politique, Programme National Persée, vol. 34(1), pages 41-65.
  2. Sonja Jovicic & Ronald Schettkat, 2013. "Consistently wrong: Neoclassical micro-foundations and the macroeconomic policy ineffectiveness hypothesis," Schumpeter Discussion Papers SDP13010, Universitätsbibliothek Wuppertal, University Library.
  3. Ingrid Rima, 1996. "Can neoclassical economics be social economics?," Forum for Social Economics, Springer, vol. 26(1), pages 5-13, 09.
  4. Wen-Ya Chang & Ching-Chong Lai, 1999. "Efficiency wages and the balanced budget theorem," Atlantic Economic Journal, International Atlantic Economic Society, vol. 27(3), pages 314-324, September.
  5. Hélène Zajdela & Thierry Laurent, 1999. "Emploi, salaire et coordination des activités," Cahiers d'Économie Politique, Programme National Persée, vol. 34(1), pages 67-100.
  6. David W.R. Gruen & Jenny Wilkinson, 1991. "Australia’s Real Exchange Rate – Is it Explained by the Terms of Trade or by Real Interest Differentials?," RBA Research Discussion Papers rdp9108, Reserve Bank of Australia.
  7. William R. White, 2006. "Is price stability enough?," BIS Working Papers 205, Bank for International Settlements.
  8. Lin, Chung-Cheng & Yang, C. C., 2003. "Tournaments, minimum wage, and money non-neutrality," Journal of Macroeconomics, Elsevier, vol. 25(4), pages 481-489, December.
  9. Ossama Mikhail & Curtis J. Eberwein & Jagdish Handa, 2003. "The Measurement of Persistence and Hysteresis in Aggregate Unemployment," Method and Hist of Econ Thought 0311002, EconWPA.
  10. Neil R. Ericsson & John S. Irons, 1995. "The Lucas critique in practice: theory without measurement," International Finance Discussion Papers 506, Board of Governors of the Federal Reserve System (U.S.).
  11. Roy Grieve, 2009. "Price flexibility and full employment: a common misconception," Working Papers 0910, University of Strathclyde Business School, Department of Economics.

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