John Maynard Keynes: Is That you Knocking on the Door?

Tadeusz Kowalski and Yochanan Shachmurove
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Yochanan Shachmurove: The City College of New York, New York, U.S.A.

No 56, Working Papers from Department of Applied Econometrics, Warsaw School of Economics

Abstract: This paper provides an overview of the evolution of macroeconomic thought from 1936, the year John Maynard Keynes published his general theory of employment, interest and money to the year 2010. It explores the reasons for the extension of the business cycle during the postwar period. The paper details the decline in the popularity of the Keynesian theory and the return to classical economic principles. The recent crisis necessitates a shift in the way economists understand, theorize, teach and implement macroeconomic policies. The paper suggests some new elements needed in order to mitigate the next inevitable economic and financial crisis.

Keywords: Financial crises; The United States Financial Crisis Inquiry Commission; The 2010 Economic Report of the United States President; Keynesian Theory; Adaptive Expectations; Rational Expectations; Monetary and Fiscal Policies; Business Cycles; Regulations; General Agreement on Tariffs and Trade (GATT); World Trade Organization (WTO); Trade Liberalization; United States; China; Euro; Econometric Policy Evaluation. (search for similar items in EconPapers)
JEL-codes: B0 E0 E3 E4 E5 E6 F0 F3 F4 G0 G01 H3 H6 K2 O51 P1 R3 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2011-09-10
New Economics Papers: this item is included in nep-cba, nep-his, nep-hpe, nep-mac and nep-pke
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