Keynes Today

Carlos Obregón Díaz

MPRA Paper from University Library of Munich, Germany

Abstract: Revolutions do not consolidate until they blend with the establishment to create a new world. Keynes understood it, and that is why he titled his masterwork The General Theory. But he was unsuccessful in the blending. In 2020-21, it is argued in here, we all follow Keynes, but with insufficient theoretical support. This manuscript suggests that contemporary developments in economics in several areas, such as general equilibrium, game theory, informational economics, and institutional economics provide a road to successfully blend Keynes with traditional and contemporary neoclassical economics. Keynes wrote almost one hundred years ago; in the recent crises it has been necessary to follow his economic advice. But we argue in here, that it is not enough. This book proposes that it is time for new ideas and renovated institutional designs.

Keywords: Keynes; revolutions; Theory; contemporary developments; economics; equilibrium; institutional economics; crises; new ideas; institutional designs (search for similar items in EconPapers)
JEL-codes: A1 A10 A11 A12 A13 A14 A19 B0 B00 B4 B40 B41 B49 E00 E02 E03 E10 E12 E17 H00 H10 H11 H12 H19 (search for similar items in EconPapers)
Date: 2021-02-06
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