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Joan Robinson and the New Classical Economists as Critics of Keynesian Economics

In: The Economics of Imperfect Competition and Employment

Author

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  • Steven M. Sheffrin

Abstract

Joan Robinson never turned her attention to the writings of the school of new classical economists. It would not be difficult, however, to imagine the nature and tone of a hypothetical essay on such a topic. Her view that the inflation process is largely driven by the evolution of money wages which, in turn, is predominantly influenced by social and political factors, led to a strong rejection of the natural rate hypothesis. The self-conscious application of Walrasian theory which characterizes the new classical economists (not to mention their appellation) would have been particularly galling to her with her well-known views on the sterility of this class of analysis.

Suggested Citation

  • Steven M. Sheffrin, 1989. "Joan Robinson and the New Classical Economists as Critics of Keynesian Economics," Palgrave Macmillan Books, in: George R. Feiwel (ed.), The Economics of Imperfect Competition and Employment, chapter 23, pages 631-645, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-08630-6_23
    DOI: 10.1007/978-1-349-08630-6_23
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