The intellectual battle now under way between the
Keynesians and the Bocconi boys is fundamental not just to economics, but also to basic issues in social and political organisation.
Such current event applications would tend to further strengthen the
Keynesian ideas and concepts in the mind of the
Keynesian economist.
The simultaneous occurrence of high inflation and high unemployment was said to be in conflict with
Keynesian theories, while the Chicago School theory of Milton Friedman was said to provide an explanation for the unexpected phenomena.
In
Keynesian terminology, this is translated as an exogenous increase in the consumption function (or a corresponding decrease in the saving function).
Keynesian macroeconomics uses two tools to eliminate unemployment.
Krugman is a New
Keynesian, and his essay was intended to show that the Great Recession vindicated standard New
Keynesian models.
The '
Keynesian critique' developed in the book endorses German rather than French thinking on the enlightenment (that is, highlighting 'groundedness', downplaying abstraction) and thereby provides methodological guides for post-Keynesianism's emphases on economic dynamics.
In the long run, however, it is the
Keynesian Revolution that is dead.
I spy a bit of a problem for you, since you are not a member of the Austrian school, but, rather, a different type of, wait for it:
Keynesian! That is, in my view, there are the fiscal
Keynesians, and the monetarist
Keynesians.
What is out of the ordinary is that Salameh's stimulus packages that have helped the economy inch forward are
Keynesian at heart.
Keynesian economics had failed to overcome or even prevent capitalist business cycles in the US.
With his paper, Phillips managed to return a raison d'etre to
Keynesian economics that it had been lacking in the postwar years.
