Keynesian Theory and the Aggregate-Supply/Aggregate-Demand Framework: A Defense

Amitava Dutt and Peter Skott

Eastern Economic Journal, 1996, vol. 22, issue 3, 313-331

Abstract: This paper defends the Aggregate-Supply/Aggregate-Demand framework against recent criticisms by Barro and others. Using four models - a neoclassical-synthesis Keynesian, a monetarists mark 1, a rational expectation/new classical, and a Kaleckian/post-Keynesian - based on this framework, it is shown that it provides an internally-consistent and potentially useful teaching tool, that Keynesian versions of it do follow some of Keynes's ideas, that a Kaleckian/post-Keynesian version is consistent with empirical data, and that the criticisms by Barro and others are unwarranted.

Keywords: Post Keynesian; Supply (search for similar items in EconPapers)
JEL-codes: E12 (search for similar items in EconPapers)
Date: 1996
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eej:eeconj:v:22:y:1996:i:3:p:313-331

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