Varieties of Keynesianism

Duncan Foley

No 2014-4, SCEPA working paper series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

Abstract: Recent claims, particularly in Paul Krugman's column and blog, on the superiority of the Hicks-Modigliani version of Keynesian economics calls for a re-thinking of the issues raised in the early controversies over what Joan Robinson called †bastard Keynesianism†. †Good, old-fashioned, Keynesian economics†(GOKE) substitutes the general and unmotivated assumption of downward money wage rigidity for the detailed examination of the varied social coordination problems that characterize modern capitalist economies. This underrates Keynes' role as a precursor of modern information economics, and risks losing significant policy insights. The political economy background of the New Classical counter-revolution in economic theory, stemming from the unravelling of the †capital-labor accord†of the SecondWorldWar, provides some important lessons for the development of a macroeconomic analysis that is relevant to the real problems of modern capitalist economies.

Keywords: Keynes; macroeconomics; sticky wages; information economics; multiple equilibria (search for similar items in EconPapers)
JEL-codes: B22 D83 E41 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2014-03
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.economicpolicyresearch.org/images/docs ... ing_Paper_2014-4.pdf (application/pdf)

Related works:
Journal Article: Varieties of Keynesianism (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:epa:cepawp:2014-4

Access Statistics for this paper

More papers in SCEPA working paper series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School Contact information at EDIRC.
Bibliographic data for series maintained by Bridget Fisher ().