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Would Keynes be a ‘New’ Keynesian?

In: Uncertainty, International Money, Employment and Theory

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  • Louise Davidson

Abstract

The principle of a ‘truth in labelling’ law that protects consumers1 from false and misleading claims is often violated by economics textbooks. Under the truth in labelling law, a minimum quantity of beef is required in a patty before society permits anyone to sell it as a hamburger. Similarly, some minimum quantity of Keynes’s logical analysis should be an essential ingredient in any theory being sold as Keynesian, especially in textbooks to yet uneducated consumers. Paraphrasing a famous slogan of the 1988 Democratic presidential primary, ‘Where’s the Keynesian beef in New Keynesian economics?’.

Suggested Citation

  • Louise Davidson, 1999. "Would Keynes be a ‘New’ Keynesian?," Palgrave Macmillan Books, in: Louise Davidson (ed.), Uncertainty, International Money, Employment and Theory, chapter 24, pages 318-336, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14991-9_24
    DOI: 10.1007/978-1-349-14991-9_24
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