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Keynesian Realism and the Present State of Economic Science

Author

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  • Asãvoaei Alexandru

    (Alexandru Ioan Cuza University of Iaºi Doctoral School of Economics)

Abstract

The aim of this paper is to illustrate a few aspects related to the shortcomings of the mainstream economics, and its unrealistic theoretic assumptions, as it completely failed to anticipate the current economic crisis. In the same time we intend to highlight the much more realistic theories provided by the Keynesian doctrine, which offer much more coherent and precise explanations about the economic mechanisms that cause deep economic recessions, like the one we are going through nowadays. The most important objective of this article is to emphasize the essential role of the psychological factors regarding the macroeconomic cyclical evolution. In the final part of the paper we provide a few scientific pieces of evidence that undoubtedly confirm the Keynesian hypotheses.

Suggested Citation

  • Asãvoaei Alexandru, 2013. "Keynesian Realism and the Present State of Economic Science," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 410-414, May.
    • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:1:p:410-414
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    Keywords

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    JEL classification:

    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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