Post-Keynesian

Post-Keynesian economics is a school of economic thought with its origins in The General Theory of John Maynard Keynes, with subsequent development influenced to a large degree by Michał Kalecki, Joan Robinson, Nicholas Kaldor, Sidney Weintraub, Paul Davidson, Piero Sraffa, Jan Kregel and Marc Lavoie. Historian Robert Skidelsky argues that the post-Keynesian school has remained closest to the spirit of Keynes' original work.[1][2] It is a heterodox approach to economics[3][4] based on a non-equilibrium approach.[5]... Post-Keynesian economists are united in maintaining that Keynes' theory is seriously misrepresented by the two other principal Keynesian schools: neo-Keynesian economics, which was orthodox in the 1950s and 60s, and new Keynesian economics, which together with various strands of neoclassical economics has been dominant in mainstream macroeconomics since the 1980s. https://en.wikipedia.org/wiki/Post-Keynesian_economics

Neo-Keynesian: The neoclassical synthesis (NCS), or neoclassical–Keynesian synthesis,[1] is an academic movement and paradigm in economics that worked towards reconciling the macroeconomic thought of John Maynard Keynes in his book The General Theory of Employment, Interest and Money (1936) with neoclassical economics... It was formulated most notably by John Hicks (1937),[2] Franco Modigliani (1944),[3] and Paul Samuelson (1948),[4] who dominated economics in the post-war period and formed the mainstream of macroeconomic thought in the 1950s, 60s, and 70s. https://en.wikipedia.org/wiki/Neoclassical_synthesis

New Keynesian: New Keynesian economics is a school of macroeconomics that seeks to provide explicit microeconomic foundations for Keynesian economics. It emerged in the late 1970s and 1980s as a response to criticisms raised by proponents of new classical macroeconomics, particularly the emphasis on rational expectations and the Lucas critique... New Keynesian models typically incorporate elements of imperfect competition and nominal rigidities—such as sticky prices and sticky wages—to explain why markets may not always clear and why monetary policy can have real short-term effects. These features distinguish the New Keynesian framework from earlier Keynesian approaches while preserving the central insight that aggregate demand plays a crucial role in economic fluctuations. https://en.wikipedia.org/wiki/New_Keynesian_economics


Edited:    |       |    Search Twitter for discussion