neo-Keynesians

neo-Keynesians

those economists who tend to support, to a greater or lesser degree, the main thrust of KEYNES’ arguments and who have subsequently revised and built upon the theory Keynes propounded. See DOMAR ECONOMIC GROWTH MODEL, HARROD ECONOMIC GROWTH MODEL.
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The debate between "two Greeces" mirrors a parallel divide within economics, pitting the neoliberal direction of the Adam Smith, Friedrich Hayek and Milton Friedman tradition against the modern neo-Keynesians such as Joseph Stiglitz, Thomas Piketty and Paul Krugman.
Sen found "Kaldor" to be the most tolerant among the neo-Keynesians, while Richard Kahn was the most "bellicose".
Neo-Keynesians do not impose cuts when a national economy is in the doldrums.
The neo-Keynesians have succeeded in painting austerity as the grim policy of wresting bread crusts away from widows and orphans, but its unspun meaning is that governments must live within their means rather than fund basic programs with borrowed money.
220-223) Then, the neo-Keynesians, such as Paul Samuelson, abandoned this claim and embraced the claim that prices and wages were merely "sticky," especially in the downward direction, and that it would take too long for a market economy to come out of a contraction on its own.
Neo-Keynesians seem to be attributing deficit spending as the cause and consequence of the existence of modern economies, which are in need of endless stimulus, with retrenchment only aeonce the economy recovers'.
In one anti-euro corner are weak-money neo-Keynesians.
Thus, by basing their model on the transversality condition, the Neo-Keynesians are turning their model into an essentially non-monetary model.
There have always been conservative, moderate, liberal, and radical Keynesians, and in recent years so-called neo-Keynesians and post-Keynesians have been added to the mix.
Neo-Keynesians such as Stiglitz still feel it is part of the state apparatus' responsibility to monitor and enact policies affecting both the internal and global dynamics of the political-economic environment.
According to Mankiw (1992b), a prominent Keynesian economist, at least some new or Neo-Keynesians agree with the RBC theorists that it is important for business cycle theory to be consistent with the micro foundations of the macroeconomy.
I think they were no more fully correct than the monetarists were or than the simple Keynesians and neo-Keynesians were.