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Would Keynes Be a New Keynesian?

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Author Info

  • Paul Davidson

    (University of Tennessee)

Abstract

Proponents of New Keynesian Economics (NKE) have defined their research agenda as within the Keynesian tradition where a market (supply) failure (i.e., a coordination failure) induces nominal wage/price fixities. This paper demonstrates that NKE models are not only logically incompatible with Keynes's general theory analysis but that NKE produces different--and incompatible--policy recommendations to the unemployment problem vis-a-vis Keynes's general theory. Given the research agenda of New Keynesian and New Classical economics, it is not surprising that the world's major economics are enmeshed in ubiquitous unemployment conditions, and economics has again become the dismal science.

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File URL: http://college.holycross.edu/RePEc/eej/Archive/Volume18/V18N4P449_463.pdf
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Bibliographic Info

Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 18 (1992)
Issue (Month): 4 (Fall)
Pages: 449-463

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Handle: RePEc:eej:eeconj:v:18:y:1992:i:4:p:449-463

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Postal: c/o Dr. Alexandre Olbrecht, The Anisfield School of Business 205, Ramapo College, 505 Ramapo Valley Road, Ramapo, New Jersey 07430, USA
Phone: (201) 684-7346
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Web page: http://www.ramapo.edu/eea/journal.html
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Related research

Keywords: Supply; New Keynesian;

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References

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  1. Mankiw, N Gregory, 1990. "A Quick Refresher Course in Macroeconomics," Journal of Economic Literature, American Economic Association, vol. 28(4), pages 1645-60, December.
  2. David Colander, 1992. "New Keynesian Economics in Perspective," Eastern Economic Journal, Eastern Economic Association, vol. 18(4), pages 438-448, Fall.
  3. David Colander, 2008. "Macroeconomic Policy And Collective Action," Middlebury College Working Paper Series 0332, Middlebury College, Department of Economics.
  4. Gordon, Robert J, 1990. "What Is New-Keynesian Economics?," Journal of Economic Literature, American Economic Association, vol. 28(3), pages 1115-71, September.
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Cited by:
  1. Zdravka, Todorova, 2009. "Employer of Last Resort Policy and Feminist Economics: Social Provisioning and Socialization of Investment," MPRA Paper 16240, University Library of Munich, Germany.

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