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Zeitschriftenartikel zum Thema „Keynesian economics“

Autor: Grafiati

Veröffentlicht am 4. Juni 2021

Zuletzt aktualisiert am 30. Juli 2024

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1

Guizzo, Danielle. „Why does the history of economic thought neglect Post-Keynesian economics?“ Review of Keynesian Economics 8, Nr. 1 (22.01.2020): 119–37. http://dx.doi.org/10.4337/roke.2020.01.09.

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Despite receiving increased interest after the global financial crisis of 2007–2008 and consolidating itself as an established research program, Post-Keynesian economics remains under-represented within publications on the history of economics. When compared to other traditional heterodox approaches such as Marxist, Institutionalist, and Austrian economics, Post-Keynesian economics falls behind considerably, contradicting the Post-Keynesian appreciation for the history of the discipline. This article explores some reasons behind this detachment by considering two main factors: first, the recent disciplinary and institutional changes experienced by the history of economics in the last ten years; and, second, the recent ‘maturing state’ of Post-Keynesian economics and its unique treatment of the history of economic thought. The article concludes by suggesting a new research agenda for Post-Keynesianism, making use of the ‘applied’ turn proposed by the recent history of economic thought as one of the strategies for Post-Keynesians to engage with the economics discipline.

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2

Trautwein, Hans-Michael. „Leijonhufvud on New Keynesian Economics and the economics of Keynes“. Oxford Economic Papers 72, Nr. 4 (18.05.2020): 923–45. http://dx.doi.org/10.1093/oep/gpaa013.

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Abstract The theme that Axel Leijonhufvud has extracted from the economics of Keynes is the potential for failures in the intertemporal coordination of activities in complex market systems. In his path-breaking book of 1968, he attacked standard Keynesian Economics for its view on frictions, which reduces the causes of macroeconomic pathologies to nominal rigidities. With the rise of DSGE-based New Keynesian Economics, Leijonhufvud has pointed out that ‘standard macroeconomics’ is still stuck in the frictions view. Referring to recent financial crises, he considers DSGE modelling to be hopelessly inadequate for dealing with such macroeconomic instability. Yet, the financial frictions literature in New Keynesian Economics claims to have found ways to incorporate financial crises into DSGE frameworks. The article describes continuity and change in Leijonhufvud’s critique of Old and New Keynesians, and assesses contrary claims to progress made in the DSGE world.

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3

Strunk, Birte, Stefan Ederer und Armon Rezai. „The role of labor in a socio-ecological transition: combining post-Keynesian and ecological economics perspectives*“. European Journal of Economics and Economic Policies Intervention 19, Nr. 1 (April 2022): 103–18. http://dx.doi.org/10.4337/ejeep.2022.01.08.

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This article investigates the role of labor in post-Keynesian economics and proposes an integration with ecological macroeconomics. Although post-Keynesians have to date not engaged extensively with environmental limits, there is an increasing interest in modeling policy proposals by ecological economists. While ecological and post-Keynesian economists share many ways of conceptualizing labor that are distinct from the mainstream, it is unclear how these feed into modeling, since post-Keynesians model labor as a residual and not as a policy variable per se. In fact, post-Keynesians have traditionally focused on targeting employment via targeting aggregate goods demand, rather than targeting it directly. This paper argues that by complementing this demand-side view with post-Keynesian perspectives on labor supply, one can arrive at a post-Keynesian labor theory that offers entry points for ecological theorizing.

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4

Tobin, James. „Price Flexibility and Output Stability: An Old Keynesian View“. Journal of Economic Perspectives 7, Nr. 1 (01.02.1993): 45–65. http://dx.doi.org/10.1257/jep.7.1.45.

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In this symposium I shall play the role in which I was cast, the unreconstructed old Keynesian. Considering the alternatives, I do not mind being billed as a Keynesian, an old Keynesian at that. But old Keynesians come in several varieties, and I speak for no one but myself. Nor do I defend the literal text of The General Theory. Several generations of economists have criticized, amended, and elaborated that seminal work. I shall argue for the validity of the major propositions that distinguish Keynesian macroeconomics from old or new classical macroeconomics.

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5

GREENWALD, B., und J. E. STIGLITZ. „KEYNESIAN, NEW KEYNESIAN AND NEW CLASSICAL ECONOMICS“. Oxford Economic Papers 39, Nr. 1 (März 1987): 119–33. http://dx.doi.org/10.1093/oxfordjournals.oep.a041773.

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6

Costa da Silva, Guilherme Jonas. „MACROECONOMIA DO DESENVOLVIMENTO: UMA PERSPECTIVA KEYNESIANA, JOSÉ LUÍS DA COSTA OREIRO“. Investigación Económica 83, Nr. 327 (14.12.2023): 209–16. http://dx.doi.org/10.22201/fe.01851667p.2024.327.87386.

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In Brazil, Professor José Luís Oreiro is considered one of the most talented and productive Keynesian economists of his generation. Prof. Oreiro was hired by the Department of Economics at the Federal University of Paraná in 2003, when I came into touch with some of the theories organized in this book. This book written by Oreiro presents the debate around development macroeconomics from a Keynesian perspective, which is a new and particularly important topic for those who wish to understand a little more about macroeconomics, growth, and economic development. The main contribution of the book Macroeconomia do Desenvolvimento: Uma Perspectiva Keynesiana is to demonstrate that, for Keynesian theory, macroeconomic policies traditionally more related to business cycles, have effects on long run growth and development. Short run policies affect the long run, because aggregate demand is considered the engine of long-run growth (Keynes, 1982)...

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7

Goktug KAYA, Mustafa, Fatih PEKSEN und Yigit YILDIZ. „IN SMUGGLE WITH CLIMATE CHANGE, EXTRA–BUDGETARY FUND APPLICATION AS AN INSTRUMENT OF GREEN KEYNESIAN ECONOMIC POLICY“. Eurasian Research Journal 6, Nr. 1 (12.02.2024): 51–63. http://dx.doi.org/10.53277/2519-2442-2024.1-03.

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Green Keynesian Economics, which is a postmodern reflection of Keynesian economic thought, suggests that negativities, which are possible for environmental problems causing climate change to lead to, should be solved by active role public sector will undertake. As known, carbon emissions, emitted to atmosphere in global scale, may cause climate change via greenhouse effect. This case leads country economies to face to a set of problems. Green Keynesian Economics suggests a mix of simultaneous sustainable policies as a solution for a set of problems under consideration. The aim of this study is to suggest a financial instrument taking place in the scope of Green Keynesian School for Türkiye targeting to achieve net zero carbon emission as of the year 2053.

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8

Posada Posada, Carlos Esteban. „Expectativas de inflación y tasa de interés: aspectos teóricos“. Lecturas de Economía, Nr. 20 (10.03.2011): 37–65. http://dx.doi.org/10.17533/udea.le.n20a7997.

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• Resumen: ¿Qué efectos tienen los cambios en las expectativas de inflación sobre las tasas de interés, nominales y reales? ¿Cómo se producen esos efectos? Existen dos grandes respuestas teóricas antagónicas a las preguntas anteriores: la clásica y la keynesiana. En este artículo se resumen dichas respuestas y se exponen sus alcances y limitaciones. A partir de este resumen se construye un modelo "cuasi-keynesiano", pero que arroja una conclusión que coincide con la respuesta clásica al respecto: las expectativas de inflación tienden a quedar incorporadas en la tasa nominal de interés sin modificar de manera permanente la tasa real de interés. En países o épocas con alteraciones significativas de las expectativas de inflación esta conclusión puede ser la correcta, no así la keynesiana. • Abstract: This question of just how expectations of inflation influence the real and the nominal rate of interest have been addressed from both a Keynesian and a classical perspective. This paper presents a critical summary of these arguments in the context of a quasi-keynesian model. Its finding is however is essentially classical – that inflationary expectations will be incorporated into the nominal rate of interest without having any permanent effect on the real rate.

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9

Dimand, Robert W. „The much-exaggerated death of Keynesian economics“. Review of Keynesian Economics 8, Nr. 1 (22.01.2020): 36–45. http://dx.doi.org/10.4337/roke.2020.01.04.

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The supposed death of Keynesian economics has long been debated. This paper revisits the four central Keynesian propositions identified by Tobin's 1977 paper, ‘How dead is Keynes?’, to argue, in the light of the global financial crisis and the Great Recession, that Keynesian economics remains alive and relevant as useful economics for understanding the economy in a world of fundamental uncertainty, with particular reference to chapter 19 of Keynes's General Theory concerning economic instability and wage and price flexibility.

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10

Harcourt, G. C., und Stephen Rousseas. „Post Keynesian Monetary Economics.“ Economic Journal 97, Nr. 387 (September 1987): 756. http://dx.doi.org/10.2307/2232940.

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11

Niggle, Christopher J., und Stephen Rousseas. „Post Keynesian Monetary Economics“. Southern Economic Journal 54, Nr. 3 (Januar 1988): 807. http://dx.doi.org/10.2307/1059042.

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12

Sesselmeier, Werner, Corrado Benassi, Allesandra Chirco und Caterina Colombo. „The New Keynesian Economics“. Southern Economic Journal 63, Nr. 1 (Juli 1996): 278. http://dx.doi.org/10.2307/1061334.

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13

Cottrell, Allin. „Post-Keynesian monetary economics“. Cambridge Journal of Economics 18, Nr. 6 (Dezember 1994): 587–605. http://dx.doi.org/10.1093/oxfordjournals.cje.a035292.

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14

Biewener, C. „Post-Keynesian Monetary Economics“. History of Political Economy 20, Nr. 1 (01.03.1988): 145–47. http://dx.doi.org/10.1215/00182702-20-1-145.

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15

Gedeon, Shirley J. „Post Keynesian Monetary Economics“. Journal of Economic Issues 21, Nr. 1 (März 1987): 538–40. http://dx.doi.org/10.1080/00213624.1987.11504642.

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16

Ahn, Young-Jin, und Zuhriddin Juraev. „Essay: Linking Keynesian Theory to Economic Geography“. International Journal of Multidisciplinary: Applied Business and Education Research 4, Nr. 9 (22.09.2023): 3071–78. http://dx.doi.org/10.11594/ijmaber.04.09.01.

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This article examines the application of Keynesian theory in the field of economic geography, with a specific focus on regional development and the reduction of inequalities. The objective is to emphasize the importance and advantages of applying Keynesian principles to address spatial economic challenges. The novelty lies in examining the intersection of Keynesian economics and geography, which provides insights into regional planning, infrastructure development, and cluster formation. The results demonstrate how policymakers and researchers can utilize Keynesian theory to foster balanced growth and enhance living standards. The keywords for this article are Keynesian theory, economic geography, regional development, disparities, and policy interventions.

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17

Beltratti, Andrea. „L’economia dell’equilibrio“. Journal of Public Finance and Public Choice 3, Nr. 2 (01.10.1985): 97–108. http://dx.doi.org/10.1332/251569298x15668907117101.

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Abstract The new classical macroeconomists have widely criticized Keynesian economics during the last fifteen years; most of all, on the basis of a lack of microfoundations to Keynesian models and theories.The rational expectations hypothesis is necessary but not sufficient, by itself, to deny the policy effectiveness results advocated by Keynesian theorists; the most important hypothesis, and the most characteristic feature, of the new classical school is continuous market-clearing on each market. Rational expectations can be used also in disequilibrium models, and can even strengthen policy effectiveness results.This paper considers some interesting points made by the equilibrium theorists, such as the Lucas critique and the equilibrium business cycles, and also tries to show some limits of the models.The debate between Keynesians and New Classical Economists is very useful; both schools are able to benefit from the valuable insights of the last few years, which allow theorists to hope in a substantial improvement of macroeconomics as a science and as a tool to understand the working of today’s economic systems.

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18

Bofinger, Peter. „Reviving Keynesianism: the modelling of the financial system makes the difference“. Review of Keynesian Economics 8, Nr. 1 (22.01.2020): 61–83. http://dx.doi.org/10.4337/roke.2020.01.06.

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Keynesian economics is not dead. Instead, it is in a similar condition to Sleeping Beauty after she pricked her finger on the spindle. A large hedge of thorns has been laid over the original Keynesian building so that it is hardly recognizable today. Keynesian economics has suffered from a failure to sufficiently identify the core of the Keynesian revolution. This paper argues that the core concerns the distinction between real and monetary exchange economies, and that a proper understanding of money's role requires identifying the mechanisms of the financial system. Doing so reveals the fundamental incompatibility between real and monetary analysis.

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19

Onaran, Özlem, und Cem Oyvat. „Invited ArticleSynthesizing feminist and post-Keynesian/Kaleckian economics for a purple–green–red transition*“. European Journal of Economics and Economic Policies: Intervention 20, Nr. 2 (August 2023): 317–37. http://dx.doi.org/10.4337/ejeep.2023.0117.

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The aim of this article is to discuss why we should synthesize feminist and post-Keynesian/Kaleckian economics. We answer three related questions. Why does post-Keynesian economics need feminist economics? Why does feminist economics need post-Keynesian macroeconomics? Finally, what is the relevance of synthesizing feminist and post-Keynesian economics for policy analysis in the twenty-first century? We then present a theoretical synthesis model bringing together and extending the existing macroeconomic models in feminist post-Keynesian economics. Finally empirical findings based on this synthesis model are discussed in a policy context.

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20

Caldentey, Esteban Pérez, Nathan Perry und Matías Vernengo. „The return of Keynes and the Phillips curve in Latin America: evidence from four countries“. Review of Keynesian Economics 8, Nr. 1 (22.01.2020): 84–101. http://dx.doi.org/10.4337/roke.2020.01.07.

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Robert Rowthorn, in his Godley–Tobin Lecture, suggests that Keynesian policies have again been incorporated by the mainstream of the profession, and the old Phillips relation is again relevant. In other words, there seems to be a persistent trade-off between inflation, wage inflation in particular, and unemployment rates, properly measured, which would create the space for Keynesian policies. This paper discusses the return of Keynesian economics, in particular in Latin American economies. While it is true that Keynesian economics made a comeback in terms of policy in Latin America, as in other parts of the world, in the aftermath of the global financial crisis of 2008–2009, it is also true that the Keynesian moment was relatively weak and short-lived. The evidence in Latin America for a Phillips curve is relatively weak, and suggests that inflation is often cost-push rather than demand-pull, which could be understood to suggest that there is space for expansionary fiscal policy, at least in the absence of an external constraint. The authors remain skeptical about the return of Keynesian economics at the theoretical level, and the possibilities for Keynesian policies in the region.

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21

Lavoie, Marc. „Thoughts on post-keynesian economics and emerging economies“. Cuadernos de Economía 39, Nr. 80 (01.06.2020): 417–23. http://dx.doi.org/10.15446/cuad.econ.v39n80.85240.

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22

Pressman, Steven. „Economic Power, the State, and Post-Keynesian Economics“. International Journal of Political Economy 35, Nr. 4 (01.12.2006): 67–86. http://dx.doi.org/10.2753/ijp0891-1916350404.

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23

FISUNOGLU, Mahir, und Bilge TAN. „KEYNES'S REVOLUTION AND KEYNESIAN ECONOMICS“. Ekonomik Yaklasim 20, Nr. 70 (2009): 31. http://dx.doi.org/10.5455/ey.10680.

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24

Snowdon, Brian, und G. K. Shaw. „Keynesian Economics: The Permanent Revolution“. Southern Economic Journal 56, Nr. 1 (Juli 1989): 278. http://dx.doi.org/10.2307/1059093.

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25

Zannoni, Diane, und Paul Davidson. „Controversies in Post Keynesian Economics“. Southern Economic Journal 59, Nr. 2 (Oktober 1992): 351. http://dx.doi.org/10.2307/1060561.

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26

Arestis, P. „Post-Keynesian economics: towards coherence“. Cambridge Journal of Economics 20, Nr. 1 (01.01.1996): 111–35. http://dx.doi.org/10.1093/oxfordjournals.cje.a013604.

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27

Halevi, Joseph. „Marxism and Post-Keynesian Economics“. History of Economics Review 18, Nr. 1 (Januar 1992): 46–58. http://dx.doi.org/10.1080/10370196.1992.11733115.

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28

Lavoie, Marc. „Perspectives for Post-Keynesian Economics“. Review of Political Economy 24, Nr. 2 (April 2012): 321–35. http://dx.doi.org/10.1080/09538259.2012.664356.

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29

Bateman, B. W. „An Encyclopedia of Keynesian Economics“. History of Political Economy 31, Nr. 3 (01.09.1999): 601. http://dx.doi.org/10.1215/00182702-31-3-601.

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30

Sarı Aksakal, Betül. „World Bank and Keynesian Economics“. Business and Economics Research Journal 10, Nr. 1 (30.01.2020): 77–94. http://dx.doi.org/10.20409/berj.2019.156.

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31

Petri, Fabio. „Post-Keynesian Economics: New Foundations“. Review of Political Economy 27, Nr. 3 (03.07.2015): 457–63. http://dx.doi.org/10.1080/09538259.2015.1067031.

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32

Randall Wray, L. „Controversies in Post Keynesian Economics“. Journal of Economic Issues 26, Nr. 3 (September 1992): 929–33. http://dx.doi.org/10.1080/00213624.1992.11505344.

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33

Yoshida, Masaaki. „Keynesian Economics—An Evolutionist Manifesto“. Evolutionary and Institutional Economics Review 1, Nr. 1 (November 2004): 49–56. http://dx.doi.org/10.14441/eier.1.49.

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34

Hiç, Özlen. „Evolution of New Keynesian Economics“. Procedia Computer Science 158 (2019): 1025–32. http://dx.doi.org/10.1016/j.procs.2019.09.144.

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35

Lastrapes, William D. „New Keynesian economics, volume 2“. International Review of Economics & Finance 2, Nr. 4 (Januar 1993): 425–27. http://dx.doi.org/10.1016/1059-0560(93)90015-i.

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36

Mankiw, N. Gregory. „Symposium on Keynesian Economics Today“. Journal of Economic Perspectives 7, Nr. 1 (01.02.1993): 3–4. http://dx.doi.org/10.1257/jep.7.1.3.

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37

Mankiw, N. Gregory. „The reincarnation of Keynesian economics“. European Economic Review 36, Nr. 2-3 (April 1992): 559–65. http://dx.doi.org/10.1016/0014-2921(92)90113-b.

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38

Cross, Rod. „Hysteresis and Post Keynesian Economics“. Journal of Post Keynesian Economics 15, Nr. 3 (März 1993): 305–8. http://dx.doi.org/10.1080/01603477.1993.11489945.

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39

McKenna, Edward J., und Diane C. Zannoni. „Post Keynesian Economics and Nihilism“. Journal of Post Keynesian Economics 23, Nr. 2 (Dezember 2000): 331–47. http://dx.doi.org/10.1080/01603477.2000.11490284.

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40

Fontana, Giuseppe. „Introduction to Post-Keynesian Economics“. Eastern Economic Journal 34, Nr. 1 (17.12.2007): 131–33. http://dx.doi.org/10.1057/palgrave.eej.9050013.

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41

Brown, William S. „Keynesian Economics: The Permanent Revolution“. Journal of Economic Issues 24, Nr. 1 (März 1990): 306–9. http://dx.doi.org/10.1080/00213624.1990.11505024.

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42

Galí, Jordi. „The State of New Keynesian Economics: A Partial Assessment“. Journal of Economic Perspectives 32, Nr. 3 (01.08.2018): 87–112. http://dx.doi.org/10.1257/jep.32.3.87.

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In August 2007, when the first signs emerged of what would come to be the most damaging global financial crisis since the Great Depression, the New Keynesian paradigm was dominant in macroeconomics. Ten years later, tons of ammunition has been fired against modern macroeconomics in general, and against dynamic stochastic general equilibrium models that build on the New Keynesian framework in particular. Those criticisms notwithstanding, the New Keynesian model arguably remains the dominant framework in the classroom, in academic research, and in policy modeling. In fact, one can argue that over the past ten years the scope of New Keynesian economics has kept widening, by encompassing a growing number of phenomena that are analyzed using its basic framework, as well as by addressing some of the criticisms raised against it. The present paper takes stock of the state of New Keynesian economics by reviewing some of its main insights and by providing an overview of some recent developments. In particular, I discuss some recent work on two very active research programs: the implications of the zero lower bound on nominal interest rates and the interaction of monetary policy and household heterogeneity. Finally, I discuss what I view as some of the main shortcomings of the New Keynesian model and possible areas for future research.

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Backhouse, Roger E. „Economic theory in an imperfect world: Frank Hahn, general equilibrium, and Keynesian economics“. Oxford Economic Papers 72, Nr. 4 (03.05.2020): 1091–107. http://dx.doi.org/10.1093/oep/gpaa005.

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Abstract Frank Hahn was both a Keynesian economist, active in policy debates, and an economic theorist. Placing his work in the context of attempts to make theoretical sense of Keynesian economics, this article explores the way Hahn used abstract general equilibrium theory to draw conclusions relevant to policy in an ‘imperfect’ world that does not conform to the assumptions made in the theory. Hahn’s rigorous approach to theorizing as the route to understanding is assessed in relation to the different approaches of Robert Lucas, Milton Friedman, Paul Samuelson and Axel Leijonhufvud.

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Mutoni, Kate. „The Role of Government Intervention in Mitigating Economic Shocks“. International Journal of Economic Policy 4, Nr. 2 (28.03.2024): 14–26. http://dx.doi.org/10.47941/ijecop.1763.

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Purpose: This study sought to explore the role of government intervention in mitigation economic shocks. Methodology: The study adopted a desktop research methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library. Findings: The findings reveal that there exists a contextual and methodological gap relating to the role of government intervention in mitigating economic shocks. Preliminary empirical review that government intervention plays a crucial role in stabilizing economies during periods of turbulence. Through an exploration of theories such as Keynesian economics, Monetarism, and New Classical Economics, it was found that a balanced approach utilizing both fiscal and monetary policies is effective in responding to economic challenges. Sector-specific impacts were also highlighted, showing that targeted government support, such as subsidies and effective regulation, can enhance resilience in sectors like manufacturing and energy. The study's findings suggest that policymakers should adopt evidence-based strategies to navigate economic uncertainties and promote sustainable growth and stability. Unique Contribution to Theory, Practice and Policy: Keynesian Economics, Monetarism and the New Classical Economics model may be used to anchor future studies on the role of government intervention in mitigating economic shocks. The study made significant contributions by offering recommendations for policymakers and practitioners. It enhanced economic theory by synthesizing Keynesian economics, Monetarism, and New Classical Economics, providing insights into effective policy responses to economic crises. The study emphasized the importance of targeted government spending, a combination of monetary and fiscal policies, clear guidelines for bailouts, and building economic resilience through diversification and innovation. It also highlighted the need for stable regulatory frameworks, addressing inequality, and taking a holistic approach to policy-making. These recommendations have guided past policy decisions, helping to promote economic stability and resilience. Keywords: Government Intervention, Economic Shocks, Keynesian Economics, Monetarism, Fiscal Policy, Monetary Policy

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45

Day, Richard H., und Wayne Shafer. „Keynesian chaos“. Journal of Macroeconomics 7, Nr. 2 (März 1985): 277–95. http://dx.doi.org/10.1016/s0164-0704(85)80012-4.

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Day, Richard H., und Wayne Shafer. „Keynesian Chaos“. Journal of Macroeconomics 7, Nr. 3 (Juni 1985): 277–95. http://dx.doi.org/10.1016/0164-0704(85)90072-2.

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Fazzari, Steven M. „Was Keynesian economics ever dead? If so, has it been resurrected?“ Review of Keynesian Economics 8, Nr. 1 (22.01.2020): 46–60. http://dx.doi.org/10.4337/roke.2020.01.05.

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This article reflects on rising interest in Keynesian macroeconomics in the aftermath of the Great Recession. I identify aspects of Keynesian thinking that never were completely banished from the mainstream as well as threads of Keynesian macroeconomics that have become more influential since the crisis. However, the way most mainstream analysis continues to invoke the zero lower bound for short-term interest rates and the concept of the ‘natural’ rate of interest implies that any Keynesian resurrection outside of heterodoxy remains incomplete. The future may bring broader recognition of how demand leads economic growth and of ways in which the demand side leads the supply side beyond the typical textbook ‘short run.’

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Hannonen, Marko. „Urban Housing Policy Considerations: Perspectives from the Finnish Housing Market“. Journal of Heterodox Economics 1, Nr. 2 (01.12.2014): 114–30. http://dx.doi.org/10.1515/jheec-2015-0007.

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Abstract It is very difficult to study phenomena in housing markets using conventional so-called neoclassical economics. The core problem stems from the highly unrealistic assumptions of neoclassical economics, such as homogeneous products, equilibrium markets, ceteris paribus clauses, deterministic and linear systems, rationality of economic agents, and the utility maximization principle. New Keynesian economics appears to be a more fruitful approach to housing markets since it presumes that products are differentiated, markets are in disequilibrium state and there exists imperfect competition in a marketplace. Furthermore, new Keynesian economics utilizes the concept of bounded rationality, which is a more realistic description of the actual behavior of economic agents than the theoretical notion of rationality in neoclassical economics.

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Яударова, Н. Ю., З. О. Магомедова und М. М. Узданбегов. „The Role of Keynesianism in Modern Economics“. Экономика и предпринимательство, Nr. 5(130) (25.06.2021): 1332–35. http://dx.doi.org/10.34925/eip.2021.130.5.266.

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В этой статье исследуются основные инструменты ортодоксального кейнсианского подхода и критическое обсуждение этого подхода, основанного на основных предположениях, охватывающих как классическую дихотомию, так и неоклассические мысли. В то время как исследование показывает отличие ортодоксальных кейнсианских аргументов от других в присутствии важности неопределенности и ожиданий, контраргументы формируются путем изучения трех различных предположений: критика Лукаса, новый кейнсианский подход и теория малых издержек меню и неортодоксальные размышления. Однако оба эти фактора также учитывают некоторые основные противоречивые факторы, чтобы выявить отличие ортодоксальных кейнсианских предположений от основной теоретической программы неоклассического подхода. This article explores the main tools of the orthodox Keynesian approach and critically discusses this approach based on basic assumptions covering both classical dichotomy and neoclassical thought. While the study shows the difference between orthodox Keynesian arguments and others in the presence of the importanceof uncertainty and expectations, the counterarguments are formed by examining three different assumptions: theLucas critique, the new Keynesian approach and the theory of small costs, and unorthodox thinking. However, both of these factors also take into account some of the main conflicting factors in order to identify the difference between the orthodox Keynesian assumptions and the main theoretical program of the neoclassical approach.

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Fitzgerald, Frank. „A road not taken? Economic ideology and the articulation of policy alternatives in Irish state economic policymaking, 1948–58“. Administration 71, Nr. 2 (22.04.2023): 27–51. http://dx.doi.org/10.2478/admin-2023-0010.

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Abstract In the midst of a seemingly unending economic crisis, the period 1948–58 saw a dramatic expansion of fiscal policy in Ireland. T. K. Whitaker’s Economic Development is traditionally represented as a landmark departure behind this change from traditional Department of Finance thinking and political inertia, propelled by the perceived Keynesian ideas of his fellow younger economists. However, by assessing the policy positions each actor adopted during major economic events of the period, this study argues that Whitaker’s economic outlook largely aligned with Finance’s, and that Economic Development must be viewed in large part as a reaction to the pre-existing fiscal commitments of the public capital programme. In tandem, it concludes that although the influential younger economists of the period are sometimes described as expansionist Keynesians – such as Patrick Lynch, who in the early part of the decade spearheaded Keynesian-type initiatives such as the capital budget principle – by mid decade their views aligned with the more classical economic outlook of the Department of Finance.

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