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The Viability of Keynesian Demand Management in an Open Economy Context

In: The Relevance of Keynesian Economic Policies Today

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  • Paul Davidson

Abstract

When the Old Keynesian analysis of the 1940s and 1950s failed to resolve the stagflation problem of the 1970s, it became fashionable to declare that Keynesian economics was dead. Hi-tech forms of classical economics were resurrected by the younger generation of economists to justify the elimination of governmental responsibility for maintaining full employment. This New Classical economics rationalised the need (i) to free markets from governmental regulation and (ii) to provide an independent Central Bank. New Keynesians accepted the logic of New Classical analysis, but they argued that unemployment was due to some grand market failure caused by wage and/or price rigidities and/or asymmetric information and/or co-ordination failure.

Suggested Citation

  • Paul Davidson, 1997. "The Viability of Keynesian Demand Management in an Open Economy Context," Palgrave Macmillan Books, in: Philip Arestis & Malcolm Sawyer (ed.), The Relevance of Keynesian Economic Policies Today, chapter 7, pages 114-135, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25425-5_7
    DOI: 10.1007/978-1-349-25425-5_7
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