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A Keynesian Model of Unemployment and Growth: Theory


  • John Cornwall

    () (Department of Economics, Dalhousie University)


The main objective of the paper is to extend the basic model of Keynes's General Theory to explain medium and long-run economic performance in developed capitalist economies. In this way we seek to deepen our understanding of the macro economic processes that account for differences in macro performance over time and between economies at similar stages of their economic development. It naturally starts from a conviction that Keynes's original model of short-run economic fluctuations is the appropriate foundation for further macroeconomic research. In the process of extending the traditional Keynesian model we frequently compare our views with those of the mainstream macroeconomic theory.

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  • John Cornwall, 2005. "A Keynesian Model of Unemployment and Growth: Theory," Department of Economics at Dalhousie University working papers archive 2005-02, Dalhousie, Department of Economics.
  • Handle: RePEc:dal:wparch:2005-02

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    References listed on IDEAS

    1. Cornwall,John & Cornwall,Wendy, 2001. "Capitalist Development in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521341493, August.
    2. 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.
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