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The New Case for Keynesianism

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  • George Akerlof

Abstract

The assumptions that dominate current mainstream economics are challenged by this Nobel laureate. If we adjust our views to be more realistic about why and how market participants make decisions, we begin to see that Keynesian principles are readily justified. Government policy does have a critical place in the management of the economy. In fact, without it, risks would be raised and we would probably grow more slowly.

Suggested Citation

  • George Akerlof, 2007. "The New Case for Keynesianism," Challenge, Taylor & Francis Journals, vol. 50(4), pages 5-16.
    • Handle: RePEc:mes:challe:v:50:y:2007:i:4:p:5-16
    DOI: 10.2753/0577-5132500401
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    Cited by:

    1. Ichiro Takahashi & Isamu Okada, 2020. "An artificial Wicksell–Keynes economy integrating short-run business cycle and long-term cumulative trend," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 15(4), pages 953-998, October.
    2. Ichiro Takahashi, 2021. "An Artificial Wicksell—Keynes Macroeconomy," Springer Books, Springer, number 978-981-16-6839-5, December.
    3. Yoshiyasu Ono & Junichiro Ishida, 2014. "On Persistent Demand Shortages: A Behavioural Approach," The Japanese Economic Review, Japanese Economic Association, vol. 65(1), pages 42-69, March.

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