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

Giuseppe Fontana

9 citations0/0 files storedReview of Political Economy

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Economic Theory and Policy Monetary Policy and Economic Impact Economic Theory and Institutions

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-à-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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References

1936The General Theory of Employment, Interest and Money.1936The General Theory of Employment, Interest and Money, by John Maynard Keynes 1999The Science of Monetary Policy: A New Keynesian Perspective 2008The New Palgrave dictionary of economics 2009Animal spirits: how human psychology drives the economy, and why it matters for global capitalism 1988The New Palgrave: A Dictionary of Economics.1987The New Palgrave: A Dictionary of Economics 2003Journal of Post Keynesian Economics

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