The misdirection of Keynesian aggregates for understanding monetary and cyclical processes

Richard M. Ebeling

Chapter 4 in What’s Wrong with Keynesian Economic Theory?, 2016, pp 77-91 from Edward Elgar Publishing

Abstract: Keynes took economic thinking back to a new “dark age.” At its core was its focus on macroeconomic aggregate building blocks: Aggregate Demand, Aggregate Supply, Total Output and Employment, and the average Price Level and Wage Level. This new world of Keynesian or macroeconomics turned its back on the contributions of nearly a century and a half before the appearance of The General Theory. Practitioners of Keynes’s macroeconomic framework threw to the wind the alternative theories developed for understanding many of the subtleties of the intricate and interdependent relationships of a market system, including monetary and cyclical processes.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2016
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