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The Attempt to Revitalize Keynes' Theory

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  • Zsuzsa Ortutay
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    Abstract

    The article gives a summary of the renewal attempts of the only, through decades dominant general economic theory, the Keynesian economics. Because of the lack of microeconomic bases and the changes happened on the commodity-, labour-, and money markets of the modern economies, the Keynesian theory cannot give any more explanations and directions for such macroeconomic phenomena as the unemployment and the cyclic fluctuation of the economy, which the sensitivity of those living in market economies has significantly grown to.

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    File URL: http://tmp.gtk.uni-miskolc.hu/volumes/2002/01/TMP_2002_01_06.pdf
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    Bibliographic Info

    Article provided by Faculty of Economics, University of Miskolc in its journal Theory Methodology Practice (TMP).

    Volume (Year): 1 (2002)
    Issue (Month): 01 ()
    Pages: 33-40

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    Handle: RePEc:mic:tmpjrn:v:1:y:2002:i:01:p:33-40

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    1. Fischer, Stanley, 1977. "Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 191-205, February.
    2. Taylor, John B, 1980. "Aggregate Dynamics and Staggered Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 1-23, February.
    3. Mankiw, N Gregory, 1985. "Small Menu Costs and Large Business Cycles: A Macroeconomic Model," The Quarterly Journal of Economics, MIT Press, vol. 100(2), pages 529-38, May.
    4. James Tobin, 1993. "Price Flexibility and Output Stability: An Old Keynesian View," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 45-65, Winter.
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