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The Fall and Rise of Keynesian Economics

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  • Blinder, Alan S

Abstract

Keynesian economics came under much criticism in the 1970s. This paper argues that the decline in Keynesian economics and the rise in, notably, new classical economics in this period is related to their respective theoretical appeal rather than their ability to explain developments in the macroeconomy. As this has become increasingly recognized, and with the development of sound microeconomic foundations, Keynesian economics has again been on the rise. Copyright 1988 by The Economic Society of Australia.

Suggested Citation

  • Blinder, Alan S, 1988. "The Fall and Rise of Keynesian Economics," The Economic Record, The Economic Society of Australia, vol. 64(187), pages 278-294, December.
    • Handle: RePEc:bla:ecorec:v:64:y:1988:i:187:p:278-94
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    Cited by:

    1. Csaba, László, 2018. "Az intézményi gazdaságtan és a főáram [Institutional economics and the mainstream]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 1-23.
    2. Alberto Bagnai & Christian Alexander Mongeau Ospina, 2014. "The a/simmetrie annual macroeconometric model of the Italian economy: structure and properties," a/ Working Papers Series 1405, Italian Association for the Study of Economic Asymmetries, Rome (Italy).
    3. Wen-Ya Chang & Ching-Chong Lai, 1999. "Efficiency wages and the balanced budget theorem," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 27(3), pages 314-324, September.
    4. Leyla BAŞTAV, 2019. "ABD İşgücü Piyasasında Histeresi Etkisi Üzerine Ampirik Bir Çalışma: Yeni Keynesyen Ücret Phillips Eğrisi (1990-2014)," Sosyoekonomi Journal, Sosyoekonomi Society.
    5. Ossama Mikhail & Curtis J. Eberwein & Jagdish Handa, 2003. "The Measurement of Persistence and Hysteresis in Aggregate Unemployment," Method and Hist of Econ Thought 0311002, University Library of Munich, Germany.
    6. Aurélien Goutsmedt & Erich Pinzon-Fuchs & Matthieu Renault & Francesco Sergi, 2015. "Criticizing the Lucas Critique: Macroeconometricians' Response to Robert Lucas," Post-Print halshs-01179114, HAL.
    7. Ronald Schettkat & Sonja Jovicic, 2016. "Macroeconomic revolution on shaky grounds: Lucas/Sargent critique’s inherent contradictions," Schumpeter Discussion Papers SDP16005, Universitätsbibliothek Wuppertal, University Library.
    8. Neil R. Ericsson & John S. Irons, 1995. "The Lucas critique in practice: theory without measurement," International Finance Discussion Papers 506, Board of Governors of the Federal Reserve System (U.S.).
    9. van de Klundert, T.C.M.J. & van Schaik, A.B.T.M., 1990. "Liquidity constraints and the Keynesian corridor," Research Memorandum FEW 429, Tilburg University, School of Economics and Management.
    10. Ingrid Rima, 1996. "Can neoclassical economics be social economics?," Forum for Social Economics, Taylor & Francis Journals, vol. 26(1), pages 5-13, January.
    11. David W.R. Gruen & Jenny Wilkinson, 1991. "Australia’s Real Exchange Rate – Is it Explained by the Terms of Trade or by Real Interest Differentials?," RBA Research Discussion Papers rdp9108, Reserve Bank of Australia.
    12. Ronald SCHETTKAT, 2010. "Will only an earthquake shake up economics?," International Labour Review, International Labour Organization, vol. 149(2), pages 185-207, June.
    13. Lin, Chung-Cheng & Yang, C. C., 2003. "Tournaments, minimum wage, and money non-neutrality," Journal of Macroeconomics, Elsevier, vol. 25(4), pages 481-489, December.
    14. A.P. Thirlwall, 2018. "Una vita nell’economia," Moneta e Credito, Economia civile, vol. 71(283), pages 179-210.
    15. Thierry Laurent & Hélène Zajdela, 1999. "Emploi, salaire et coordination des activités," Cahiers d'Économie Politique, Programme National Persée, vol. 34(1), pages 67-100.
    16. Roy Grieve, 2009. "Price flexibility and full employment: a common misconception," Working Papers 0910, University of Strathclyde Business School, Department of Economics.
    17. William Mitchell, 2015. "Eurozone Dystopia," Books, Edward Elgar Publishing, number 16478.
    18. Thierry Laurent & Hélène Zajdela, 1999. "De l'équilibre de sous-emploi au chômage d'équilibre : la recherche des fondements micro-économiques de la rigidité des salaires," Cahiers d'Économie Politique, Programme National Persée, vol. 34(1), pages 41-65.
    19. Sonja Jovicic & Ronald Schettkat, 2013. "Consistently wrong: Neoclassical micro-foundations and the macroeconomic policy ineffectiveness hypothesis," Schumpeter Discussion Papers SDP13010, Universitätsbibliothek Wuppertal, University Library.
    20. Peter Docherty, 2012. "Keynes’s General Theory, the Quantity Theory of Money and Monetary Policy," Chapters, in: Thomas Cate (ed.), Keynes’s General Theory, chapter 6, Edward Elgar Publishing.
    21. William R. White, 2006. "Is price stability enough?," BIS Working Papers 205, Bank for International Settlements.
    22. van de Klundert, T.C.M.J. & van Schaik, A.B.T.M., 1990. "Liquidity constraints and the Keynesian corridor," Other publications TiSEM bb09d011-093e-44f5-a5f2-6, Tilburg University, School of Economics and Management.

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