The New Case for Keynesianism

George A. Akerlof

Challenge, 2007, vol. 50, issue 4, pages 5-16

Abstract: The assumptions that dominate current mainstream economics are challenged by this Nobel laureate. If we adjust our views to be more realistic about why and how market participants make decisions, we begin to see that Keynesian principles are readily justified. Government policy does have a critical place in the management of the economy. In fact, without it, risks would be raised and we would probably grow more slowly.

Date: 2007

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