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Keynesian Economics - Back from the Dead? The Godley-Tobin Lecture

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  • Robert Rowthorn

Abstract

This paper surveys some the main developments in macroeconomics since the anti-Keynesian counter-revolution 40 years ago. It covers both mainstream and heterodox economics. Amongst the topics discussed are: New Keynesian economics, Modern Monetary Theory (MMT), expansionary fiscal contraction, unconventional monetary policy, the Phillips curve, and hysteresis. The conclusion is that Keynesian economics is alive and well, and that there has been a degree of convergence between heterodox and mainstream economics.

Suggested Citation

  • Robert Rowthorn, 2019. "Keynesian Economics - Back from the Dead? The Godley-Tobin Lecture," Working Papers wp512, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp512
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    File URL: https://www.jbs.cam.ac.uk/cbrwp512/
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    References listed on IDEAS

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    More about this item

    Keywords

    Macroeconomics; Keynesian economics; Keynes;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics

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