Samuelson and the Keynes/Post Keynesian Revolution

Paul Davidson

Chapter 18 in Interpreting Keynes for the 21st Century, 2007, pp 208-226 from Palgrave Macmillan

Abstract: Abstract For most students who studied economics in any American University during the last half of the 20th century, Paul A. Samuelson was thought to be a direct disciple of Keynes and his revolutionary general theory analysis. Samuelson is usually considered the founder of the American Keynesian school which he labeled neoclassical synthesis Keynesianism because of the classical microeconomic theory that Samuelson believed was the foundation of Keynes’s macroanalysis. As we will explain, Samuelson’s neoclassical synthesis brand of “Keynesianism” was not analytically compatible with the theoretical framework laid out by Keynes in The General Theory of Employment, Interest and Money (1936).

Keywords: Full Employment; Liquid Asset; Mainstream Economist; Walrasian Equilibrium; Money Wage (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28655-9_18

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DOI: 10.1057/9780230286559_18

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