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	Keynesian economics - Wikipedia, the free encyclopedia
		Keynesian economics (pronounced ['kejnziən]), also called Keynesianism, is an economic theory based on the ideas of an English economist, John Maynard Keynes, as put forward in his book The General Theory of Employment, Interest and Money, published in 1936 in response to the Great Depression of the 1930s.
		The rise of Keynesianism marked the end of laissez-faire economics (economic theory based on the belief that markets and the private sector could operate well on their own, without state intervention).
		Instead of the economic process being based on continuous improvements in potential output, as most classical economists had believed from the late 1700s on, Keynes asserted the importance of aggregate demand for goods as the driving factor of the economy, especially in periods of downturn.
	en.wikipedia.org /wiki/Keynesian_economics (4179 words)

	New Keynesian economics - Wikipedia, the free encyclopedia
		It strives to provide microeconomic foundations to Keynesian economics by showing how imperfect markets can justify demand management by the government or its central bank.
		The main assumption of New Keynesian economics that distinguishes it from the new classical economics is that wages and prices do not adjust instantly to allow the economy to attain full employment.
		New Keynesianism, associated with Gregory Mankiw, once chair of the Council of Economic Advisors under President George W. Bush, is a response to the Robert Lucas and the new classical school.
	en.wikipedia.org /wiki/New_Keynesian_economics (574 words)

	Keynesian Economics, by Alan S. Blinder: The Concise Encyclopedia of Economics: Library of Economics and Liberty
		Keynesian economics is a theory of total spending in the economy (called aggregate demand) and of its effects on output and inflation.
		Keynesians' belief in aggressive government action to stabilize the economy is based on value judgments and on the beliefs that (a) macroeconomic fluctuations significantly reduce economic well-being, (b) the government is knowledgeable and capable enough to improve upon the free market, and (c) unemployment is a more important problem than inflation.
		Keynesian economics may be theoretically untidy, but it certainly is a theory that predicts periods of persistent, involuntary unemployment.
	www.econlib.org /library/Enc/KeynesianEconomics.html (2440 words)

	Economics - The New School for Social Research
		The Department of Economics offers a broad and critical approach to the study of economics, covering a wide range of schools of thought, including Keynesian and post-Keynesian economics; the classical political economy of Smith, Ricardo, and Marx; structuralist and institutionalist approaches to economics; and neoclassical economics.
		The courses of study emphasize the historical roots of economic ideas, their application to contemporary economic policy debates, and conflicting explanations and interpretations of economic phenomena, within the context of a rigorous training in the conceptual, mathematical, and statistical modeling techniques that are the common methodological basis of contemporary economic research.
		The aim of the Economics department is to put what Robert Heilbroner called "the worldly philosophy"—informed, critical, and passionate investigation of the economic foundations of contemporary society—at the heart of the educational and research enterprise.
	www.newschool.edu /gf/econ (232 words)

	The Crisis of Keynesian Economics by Geoffrey Pilling (Site not responding. Last check: 2007-11-05)
		Economic policy was presented as a clash between entrenched orthodoxy and an intellectually and morally superior force, Keynesianism, which eventually triumphed with the commitment to maintain high stable levels of employment in the 1944 White Paper.
		Keynesianism was a policy suitable for conditions of mass unemployment when the running of a budget deficit would have made a considerable contribution to alleviating such a situation.
		In the field of economic theory Keynes, by explicit choice, was a follower of the principal initiator of the school of vulgar political economy, the reactionary Malthus, as against Ricardo, whose work constitutes one of the enduring achievements of early nineteenth-century bourgeois thought and in the case of economics its single most enduring achievement.
	www.marxists.org /archive/pilling/works/keynes/ch02.htm (10733 words)

	The Crisis of Keynesian Economics by Geoffrey Pilling (Site not responding. Last check: 2007-11-05)
		Economics seems, miraculously, to have ceased to be the battleground of conflicting ideologies.
		Keynesian doctrine became a dogma which was used to justify policies of expansion and growth, with little regard being paid for the cost of such measures.
		Keynesianism was married to a discredited and ideologically bankrupt neoclassical economics and was thereby transformed into a new form of apologetics.
	www.marxists.org /archive/pilling/works/keynes/ch01.htm (9045 words)

	Reference.com/Encyclopedia/Keynesian economics
		Instead of the economic process being based on continuous improvements in potential output, as most classical economics had focused on from the late 1700s, Keynes asserted the importance of the aggregate demand for goods as the driving factor, especially in downturns.
		This, Keynes thought, conflicts with the tenets of classical economics, and those schools, such as supply side economics, the Austrian School of Economics which assume a general tendency towards equilibrium in a restrained money creation economy.
		See Friedrich A. Hayek's Road to Serfdom for a critique of Keynesian economics from the perspective of one of the leaders of the "Austrian" school of economics.
	www.reference.com /browse/wiki/Keynesian_economics (4044 words)

	Christianity and Economics - The Fall of Keynesian Economics
		Keynesian orthodoxy passed from complete domination of the American economics profession in the 1960’s to near irrelevance as Friedman’s revolutionary monetarist theories and empirical research systematically demolished the Keynesian paradigm.
		In the Keynesian terminology nominal wages are “sticky,” and employers cannot cut their employee’s wages.[xx] Since wages will not adjust downwards, and businesses must pay their employees the same wages they did when the nation had a much higher income, the economy will stay stuck in a recession if left to its own devices.
		Keynesians quickly incorporated the new data into their existing paradigm and provided a theoretical underpinning for Phillips’ observed empirical data.[xxv] The Keynesians held that the employment rate served as a proxy for excess demand in the labor market.
	www.evangelsociety.org /sherk/keynes.html (7348 words)

	The Keynesian Revolution
		The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes.
		Too large a proportion of recent "mathematical" economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols.
		Keynesian economics starts with an understanding of the limitations of neoclassical economics, which is based on examining only one thing at a time in an economy in which money serves only as a medium of exchange.
	online.bcc.ctc.edu /econ100/ksttext/keynes/keynes.htm (6008 words)

	Postscript to Keynesian Economics
		From a Keynesian point of view, the process of balance of payments adjustment could more usefully be traced through changes in aggregate income associated with surpluses or deficits in the international accounts than through gold movements and the ancillary monetary and price changes to which the neo-classical economists had directed attention.
		While Keynesian notions of aggregate savings, investment, and consumption have been common to most of these analyses, many economists have sought to move beyond a simple explanation of inflation in terms of excessive aggregate demand.
		Indeed, the widespread absorption of the Keynesian message has in large measure been responsible for the remarkable degree of economic stability in the Western world during the past two decades and for the significant re-orientation in attitudes toward the role of the state in economic life.
	www.wesleyan.edu /css/readings/Barber/post8.htm (1486 words)

	Why Keynes Lives
		Keynesian economics continues to infect much public debate, despite being debunked for decades by Austrian economists, some mainstream economists, and reality itself.
		Planners will embrace Keynesian economics because it remains the only macroeconomics available that affirms their larger vision of the world.
		Keynesian economics will evolve--just as Marxism has evolved into political correctness and welfare state socialism is evolving into "the third way"--but it won't die.
	www.mises.org /freemarket_detail.asp?control=6&sortorder=articledate (919 words)

	CEF 1997: Agent-Based Keynesian Economics; Methodological Issues and a Model (Site not responding. Last check: 2007-11-05)
		The present approach has, however, been named "agent-based Keynesian economics" in order to underline the fact that agent-based computational economics is an approach with a methodology in common, but without a specific approach to economics in common.
		In the seventies Keynesian theory was rejected by the mainstream because of its lack of microfoundation; it appeared to be impossible to reach Keynesian conclusions from the study of individual rational agents1.
		Besides the fact that agent-based computational economics may satisfy the proclaimed need for a microfoundation of Keynesian theory, the two approaches seem to be related through methodological similarities.
	bucky.stanford.edu /cef97/abstracts/bruun.html (440 words)

	Keynesian Economics
		Keynesian economics is a theory of aggregate economic phenomena that stresses the importance of total spending at the national level.
		The two most fundamental propositions of early Keynesian Economics were that; Forces within market economies generate prolonged periods of severe unemployment; and Government intervention can counteract this unemployment by increasing total spending.
		Buchannan’s arguments indicate that Keynesian Economics is an intellectual justification for intergenerational transfers of wealth.
	www.kean.edu /~dmackenz/keynes.html (1535 words)

	Author of first U.S. college textbook on Keynesian economics dies (Site not responding. Last check: 2007-11-05)
		Economist Lorie Tarshis, who was influential in spreading Keynesian economics in the United States, died Oct. 4 in Toronto after a lengthy illness.
		"Lorie was one of the leading Keynesian economists of his day and was author of the first introductory textbook on Keynesian economics in the United States," said David Starrett, chair of Stanford University's economics department, who was himself introduced to Keynesian thinking in Tarshis' graduate class in macroeconomics.
		Keynesian economics eventually dominated macroeconomics but began to fall out of favor in the 1970s.
	www.stanford.edu /group/news/relaged/931011Arc3112.html (1225 words)

	Brad DeLong's Semi-Daily Journal: Keynesian Economics: Mail Call...
		When it is part of a stable and sustainable structure of economic policy, so that nobody fears that it is the beginning of a process of rampant inflation or expropriation.
		Much of the devastation that happens after a bubble pops comes from people in precarious economic condition who refuses to realise losses and tries to hold on until better times such that he/she can unload whatever it was that seemed so good before...
		Economic history from the New Deal on shows just how necessary and effective a combination of monetary and fiscal policy are in restoring and maintaining healthy growth.
	delong.typepad.com /sdj/2005/04/keynesian_econo.html (2888 words)

	American Journal of Economics and Sociology, The: On the future of Keynesian economics: struggling to sustain a dimming ... (Site not responding. Last check: 2007-11-05)
		JUDGING BY THE EVOLUTION OF KEYNESIAN ECONOMICS, we may conclude that its future will entail a significant struggle on the part of the adherents to sustain its dimming light.
		Keynesian economics took over macroeconomic analysis with lightening speed following the publication of Keynes's General Theory in 1936.
		The 1970s saw a significant erosion of the Keynesian dominance of macroeconomics following the experience of significant inflation and economic recession, particularly among the industrialized countries hitherto believed to be more suitable for the application of Keynesian aggregate demand management policies to both stabilize and ensure economic growth.
	www.findarticles.com /p/articles/mi_m0254/is_3_63/ai_n6142197 (390 words)

	[No title]
		Thus, Keynesian economics asserts that market economies are prone to persistent and severe unemployment.
		Generally, post- Keynesian economics stresses the idea that capitalism suffers from fundamental flaws that result in persistent instability.
		Another common characteristic of Keynesian Economics is the belief that government can improve economic conditions by redistributing wealth from high to low income households.
	www.kean.edu /~dmackenz/entries/KeynesianEconomics.doc (1101 words)

	TKR-Timlin
		She sought an integration of the Keynesian liquidity preference theory of the nominal rate of interest and that of the real rate of interest as determined by the forces of productivity and thrift in classical economics.
		One of Timlin's objectives in Keynesian Economics was to marry the shifting equilibrium of her Keynesian model with that of the economics of growth, in particular, population in which she was to take much interest in her later work.
		The major contribution of Timlin in her Keynesian Economics was the analysis of the monetary nature of modern economies.
	www.yorku.ca /cwen/timlin2.htm (1140 words)

	The Keynesian Model
		Though some economists argue that the development of "Keynesian" economics in the 1940s and 1950s involved distortions of the true message of Keynes, it is these developments that had become the conventional wisdom of economics by 1965.
		Though by the 1960s most economists had come to accept the Keynesian view that the source of economic disturbance should be sought in the market for good and services, this view is probably no longer a majority position.
		The tide of Keynesian economics, which once swept all before it, has greatly receded.
	www.ingrimayne.com /econ/Keynes/Overview12ma.html (393 words)

	REVIEW OF DAVIS
		Academics who continue to be amused and intrigued with the still-growing literature on the economics of John Maynard Keynes have had to learn to distinguish among the several different schools that draw inspiration from the master.
		Post Keynesians emphasize Keynes's vision of utopia and the associated reform proposals almost to the exclusion of his diagnosis of depression and prescription of short-run demand-management policies.
		In fact, standard textbook Keynesianism, whose graphics and equations make the case for monetary and fiscal activism, are repeatedly described in the Davis volume as "bastardized Keynesianism" (Joan Robinson's term) so as to provide an appropriate contrast with the more radical Keynesianism adopted by the volume's contributors.
	www.auburn.edu /~garriro/r22davis.htm (2256 words)

	John Maynard Keynes
		This is generally regarded as probably the most influential social science treatise of the 20th Century, in that it quickly and permanently changed the way the world looked at the economy and the role of government in society.
		The Keynesian Revolution split the economics world in two generations: the young climbed over themselves to line up behind Keynes; the old rallied to condemn it.
		Of particular importance was the 1937 article by John Hicks which introduced the "IS-LM" representation of Keynes's theory that launched the "Neoclassical-Keynesian Synthesis" that was to pervade in America (and elsewhere) as the dominant form of macroeconomics in the post-war era, particularly in the 1950s and 1960s.
	cepa.newschool.edu /het/profiles/keynes.htm (2466 words)

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