HOW NEW ARE NEW KEYNESIANS?

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GORJI E.; MADANI SH.

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Journal: KNOWLEDGE AND DEVELOPMENT Year:2006 | Volume:- | Issue:18 Page(s): 79-109

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Information Journal Paper

Title

HOW NEW ARE NEW KEYNESIANS?

Author(s)

GORJI E. | MADANI SH. | Issue Writer Certificate

Keywords

KEYNESIANQ3

NEW KEYNESIANQ3

PRICE AND WAGE RIGIDITIESQ3

COMPARATIVE EXPECTANCIESQ3

LOGICAL EXPECTANCIESQ3

Abstract

After the great depression of 1923-1933, the KEYNESIAN school was introduced to the public as well as the academia along with the publication of "The General Theory of Employment, Interest and Money". The central issue of this school is the necessity of government intervention in economic activities to prevent periodic depression.They argue the acceptance of wage and price rigidities on the one hand, and the inadequacies of aggregate demand on the other hand, are the central pillar and the main causes of the problem.In the late 1970s, some uncertainty and criticism were expressed about the micro foundation of their weak theory that led to a reevaluation of KEYNESIAN beliefs. Therefore; those who believed in the KEYNESIAN approach tried to establish a new framework based on microelement, which is known as New KEYNESIAN.The purpose of this article is two-fold: first, to find out why KEYNESIAN disconnected themselves from classics and second to evaluate the process of evolution from orthodox KEYNESIAN to New KEYNESIAN. Finally, the article argues whether New KEYNESIAN had the ability to eliminate the potential weaknesses of KEYNESIAN.

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APA: Copy

GORJI, E., & MADANI, SH.. (2006). HOW NEW ARE NEW KEYNESIANS?. KNOWLEDGE AND DEVELOPMENT, -(18), 79-109. SID. https://sid.ir/paper/75835/en

Vancouver: Copy

GORJI E., MADANI SH.. HOW NEW ARE NEW KEYNESIANS?. KNOWLEDGE AND DEVELOPMENT[Internet]. 2006;-(18):79-109. Available from: https://sid.ir/paper/75835/en

IEEE: Copy

E. GORJI, and SH. MADANI, “HOW NEW ARE NEW KEYNESIANS?,” KNOWLEDGE AND DEVELOPMENT, vol. -, no. 18, pp. 79–109, 2006, [Online]. Available: https://sid.ir/paper/75835/en

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