SUMMARY AND CONCLUSIONS

Jagdish Handa

Chapter 9 in A Reformulation of Keynesian Economics, 2015, pp 509-537 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The financial and economic crises that started in the USA in 2007 and spread to many other countries led many economists, policy makers and economic analysts to question the validity and relevance of the extant macroeconomic theories, with some calling for a reformulation of macroeconomics and others even calling for a revision of the sociology of economics and the mindset of economists. This ferment in macroeconomics produced many contributions in economic analysis, with most of these dealing with specific sectors, usually the financial one, or the types of policies that central banks needed to pursue. This book responds to this call by a general revision of macroeconomic theory. Rather than revising only one or two parts of the overall macroeconomic model, it seeks to revise the general structure of macroeconomic modeling — though, as if it were, from within, by adapting inherited ideas and adding to them, rather than from without, by totally abandoning them. For this revision, this book reformulates macroeconomics, starting with its foundations and ending with a reformulation of the approach to business cycle fluctuations…

Keywords: Macroeconomics; Keynesian Economics; Monetary Economics (search for similar items in EconPapers)
Date: 2015
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