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The Return of Keynesian Economics: A Contribution in the Spirit of John Cornwall's Work


  • Giuseppe Fontana


This paper assesses the recent interest for Keynesian economics in academia and policy-making circles. It examines the main features of Keynesian economics vis-a-vis neoclassical economics, before presenting the three-equation New Consensus Macroeconomics (NCM) model and its Keynesian roots. Drawing on the work of John Cornwall, the main conclusion of the paper is that the most important criticisms of the model are related to the acceptance of the axiom of independence between aggregate supply and aggregate demand by proponents of the NCM view.

Suggested Citation

  • Giuseppe Fontana, 2010. "The Return of Keynesian Economics: A Contribution in the Spirit of John Cornwall's Work," Review of Political Economy, Taylor & Francis Journals, vol. 22(4), pages 517-533.
  • Handle: RePEc:taf:revpoe:v:22:y:2010:i:4:p:517-533
    DOI: 10.1080/09538259.2010.510314

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    References listed on IDEAS

    1. George A. Akerlof, 2009. "How Human Psychology Drives the Economy and Why It Matters," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(5), pages 1175-1175.
    2. Selma Mahfouz & Richard Hemming & Michael Kell, 2002. "The Effectiveness of Fiscal Policy in Stimulating Economic Activity; A Review of the Literature," IMF Working Papers 02/208, International Monetary Fund.
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