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Keynesian Theory and the Aggregate-Supply/Aggregate-Demand Framework: A Defense

Author

Listed:
  • Amitava Krishna Dutt

    (University of Notre Dame)

  • Peter Skott

    (University of Aarhus)

Abstract

This paper defends the Aggregate-Supply/Aggregate-Demand framework against recent criticisms by Barro and others. Using four models - a neoclassical-synthesis Keynesian, a monetarists mark 1, a rational expectation/new classical, and a Kaleckian/post-Keynesian - based on this framework, it is shown that it provides an internally-consistent and potentially useful teaching tool, that Keynesian versions of it do follow some of Keynes's ideas, that a Kaleckian/post-Keynesian version is consistent with empirical data, and that the criticisms by Barro and others are unwarranted.

Suggested Citation

  • Amitava Krishna Dutt & Peter Skott, 1996. "Keynesian Theory and the Aggregate-Supply/Aggregate-Demand Framework: A Defense," Eastern Economic Journal, Eastern Economic Association, vol. 22(3), pages 313-331, Summer.
    • Handle: RePEc:eej:eeconj:v:22:y:1996:i:3:p:313-331
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume22/V22N3P313_331.pdf
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    Citations

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    Cited by:

    1. Calvert Jump, Robert & Kohler, Karsten, 2022. "A history of aggregate demand and supply shocks for the United Kingdom, 1900 to 2016," Explorations in Economic History, Elsevier, vol. 85(C).
    2. Amitava Krishna Dutt & Peter Skott, 2006. "Keynesian Theory and the AD-AS Framework: A Reconsideration," Contributions to Economic Analysis, in: Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels, pages 149-172, Emerald Group Publishing Limited.
    3. Nakatani, Takeshi & Skott, Peter, 2007. "Japanese growth and stagnation: A Keynesian perspective," Structural Change and Economic Dynamics, Elsevier, vol. 18(3), pages 306-332, September.

    More about this item

    Keywords

    Post Keynesian; Supply;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory

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