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The Attempt to Revitalize Keynes' Theory

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  • Zsuzsa Ortutay

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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  • Zsuzsa Ortutay, 2002. "The Attempt to Revitalize Keynes' Theory," Theory Methodology Practice (TMP), Faculty of Economics, University of Miskolc, vol. 1(01), pages 33-40.
  • Handle: RePEc:mic:tmpjrn:v:1:y:2002:i:01:p:33-40
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    File URL: http://tmp.gtk.uni-miskolc.hu/volumes/2002/01/TMP_2002_01_06.pdf
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    1. N. Gregory Mankiw, 1985. "Small Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly," The Quarterly Journal of Economics, Oxford University Press, vol. 100(2), pages 529-538.
    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. 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.
    4. 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.
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