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Keynes and the Classics: A Dynamical Perspective

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  • Robert Clower

Abstract

Although it is possible to draw various purely technical distinctions between modern and pre-Keynesian economics, it is mainly with respect to matters of intellectual orientation that the two are strikingly different. Many and diverse reasons have been advanced to explain why this should be so, most of them plausible, all of them fairly elaborate. The purpose of this note is to add an element of unity and simplicity to these explanations by suggesting a straight-forward dynamical interpretation of the foundations of Keynesian and classical thought.

Suggested Citation

  • Robert Clower, 1960. "Keynes and the Classics: A Dynamical Perspective," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 74(2), pages 318-323.
    • Handle: RePEc:oup:qjecon:v:74:y:1960:i:2:p:318-323.
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    Cited by:

    1. C. Rogers*, 1985. "A Critique of Clower's Dual Decision Hypothesis," South African Journal of Economics, Economic Society of South Africa, vol. 53(2), pages 75-82, June.
    2. Plassard, Romain, 2015. "Clower's about-face regarding the 'Keynesian Revolution'," MPRA Paper 69233, University Library of Munich, Germany.
    3. Levin, Mark (Левин, Марк), 2017. "Modeling of Economic Systems Under Conditions of Short-Term Market Disequilibrium [Моделирование Экономических Систем В Условиях Краткосрочного Рыночного Неравновесия]," Working Papers 041709, Russian Presidential Academy of National Economy and Public Administration.
    4. O'Connell, John F. & Perkins, George M., 2002. "In search of the unknown," Economics Letters, Elsevier, vol. 74(3), pages 407-414, February.
    5. Benassy, Jean-Pascal, 1990. "Non-Walrasian equilibria, money, and macroeconomics," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 4, pages 103-169, Elsevier.
    6. Goulven Rubin, 2005. "La controverse entre Clower et Patinkin au sujet de la validité de la loi de Walras," Revue économique, Presses de Sciences-Po, vol. 56(1), pages 5-24.
    7. Jorge Iván González, 2002. "James Tobin (1918-2002)," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 4(6), pages 200-221, January-J.
    8. van Marrewijk, Charles & Verbeek, Jos, 1993. "Disequilibrium Growth Theory in an International Perspective," Oxford Economic Papers, Oxford University Press, vol. 45(2), pages 311-331, April.
    9. Alexandre Flávio Silva Andrada, 2011. "Uma Breve História Sobre A Abordagem Dedesequilíbrio Na Economia," Anais do XXXVIII Encontro Nacional de Economia [Proceedings of the 38th Brazilian Economics Meeting] 233, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    10. Gorga, Carmine, 2017. "Concordian Economic Theory as a View of Various Sides of the Economic System," MPRA Paper 79455, University Library of Munich, Germany.

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