Keynesian and classical theories: static and dynamic perspectives

Hiroki Murakami ()
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Hiroki Murakami: Chuo University

Evolutionary and Institutional Economics Review, 2022, vol. 19, issue 1, No 15, 343-367

Abstract: Abstract This paper reexamines the fundamental difference between the Keynesian and classical theories from both static and dynamic perspectives. It is shown that the rigidity of wages plays a pivotal role in the distinction between these theories in statics and that they can be differentiated in terms of long-run stability in dynamics.

Keywords: Classical theory; Keynesian theory; Long-run stability; Wage flexibility (search for similar items in EconPapers)
JEL-codes: C62 E12 E13 E24 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s40844-021-00205-5

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