On the Future of Keynesian Economics

James C. W. Ahiakpor

American Journal of Economics and Sociology, 2004, vol. 63, issue 3, 583-608

Abstract: Abstract. Keynesianism continues to lose its dominance in macroeconomics. New Keynesians attempt to rescue it from irrelevance with models recognizing (1) the noninstantaneous adjustment of product prices, (2) imperfect knowledge, and (3) nonclearing labor markets. But these are conditions recognized in classical macroeconomics. The new, post‐, and neoclassical Keynesians also seem to be unaware that the five principal pillars upon which Keynes founded his economics, including his conception of saving, the multiplier process, and theory of interest, are badly flawed. Confronting evidence of these flaws will turn the future of Keynesianism into one of a struggle to sustain a dimming light.

Date: 2004
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