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Keynes Today

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Abstract

Revolutions do not consolidate until they blend with the establishment to create a new world. Keynes understood it, and that is why he titled his masterwork The General Theory. But he was unsuccessful in the blending. In 2020-21, it is argued in here, we all follow Keynes, but with insufficient theoretical support. This manuscript suggests that contemporary developments in economics in several areas, such as general equilibrium, game theory, informational economics, and institutional economics provide a road to successfully blend Keynes with traditional and contemporary neoclassical economics. Keynes wrote almost one hundred years ago; in the recent crises it has been necessary to follow his economic advice. But we argue in here, that it is not enough. This book proposes that it is time for new ideas and renovated institutional designs.

Suggested Citation

  • Obregon, Carlos, 2021. "Keynes Today," MPRA Paper 122456, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:122456
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    References listed on IDEAS

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    More about this item

    Keywords

    Keynes; revolutions; Theory; contemporary developments; economics; equilibrium; institutional economics; crises; new ideas; institutional designs;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • A10 - General Economics and Teaching - - General Economics - - - General
    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • A19 - General Economics and Teaching - - General Economics - - - Other
    • B0 - Schools of Economic Thought and Methodology - - General
    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • E00 - Macroeconomics and Monetary Economics - - General - - - General
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • E03 - Macroeconomics and Monetary Economics - - General - - - Behavioral Macroeconomics
    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • H00 - Public Economics - - General - - - General
    • H10 - Public Economics - - Structure and Scope of Government - - - General
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H19 - Public Economics - - Structure and Scope of Government - - - Other

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