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The Return of Keynesian Economics: A Contribution in the Spirit of John Cornwall's Work

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  • Giuseppe Fontana

Abstract

This paper assesses the recent interest for Keynesian economics in academia and policy-making circles. It examines the main features of Keynesian economics vis-a-vis neoclassical economics, before presenting the three-equation New Consensus Macroeconomics (NCM) model and its Keynesian roots. Drawing on the work of John Cornwall, the main conclusion of the paper is that the most important criticisms of the model are related to the acceptance of the axiom of independence between aggregate supply and aggregate demand by proponents of the NCM view.

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  • Giuseppe Fontana, 2010. "The Return of Keynesian Economics: A Contribution in the Spirit of John Cornwall's Work," Review of Political Economy, Taylor & Francis Journals, vol. 22(4), pages 517-533.
    • Handle: RePEc:taf:revpoe:v:22:y:2010:i:4:p:517-533
    DOI: 10.1080/09538259.2010.510314
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