The Fall and Rise of Keynesian Economics

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Abstract

Keynesian economics came under much criticism in the 1970s This paper argues that the decline in Keynesian economics and the rise in, notably, new classical economics in this period related to their respective theoretical appeal rather than their ability to explain developments in the macroeconomy. As this has become increasingly recognized, and with the development of sound microeconomic foundations, Keynesian economics has again been on the rise.

Original languageEnglish (US)
Pages (from-to)278-294
Number of pages17
JournalEconomic Record
Volume64
Issue number4
DOIs
StatePublished - Dec 1988

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics

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