Would Keynes Be a New Keynesian?
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.
Volume (Year): 18 (1992)
Issue (Month): 4 (Fall)
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- Mankiw, N Gregory, 1990.
"A Quick Refresher Course in Macroeconomics,"
Journal of Economic Literature,
American Economic Association, vol. 28(4), pages 1645-1660, December.
- David Colander, 1992. "New Keynesian Economics in Perspective," Eastern Economic Journal, Eastern Economic Association, vol. 18(4), pages 438-448, Fall.
- Gordon, Robert J, 1990. "What Is New-Keynesian Economics?," Journal of Economic Literature, American Economic Association, vol. 28(3), pages 1115-1171, September.
- David Colander, 2008. "Macroeconomic Policy And Collective Action," Middlebury College Working Paper Series 0332, Middlebury College, Department of Economics.
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