KEYNES A NEOKEYNESIŚCI
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Date
2004
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Wydział Prawa i Administracji UAM
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KEYNES AND NEW KEYNESIANS
Abstract
During the 1970s the early Keynesian system was abandoned following the return
of the micro-foundations. Some of them, however, turned out to be overidealistic (e.g.
the market-clearing price). The new ideas, developed in the 1980s and 1990s, inaugurated
the “Keynes after Lucas” age. Nevertheless, the New Keynesians are, admittedly, a very
heterogeneous group, difficult to describe by means of a specific, unique definition.
Furthermore, modern Keynesian economics differs significantly from both Keynes’ approach
and the old, orthodox Post Keynesian school. Hence, it seems necessary to investigate where
the similarities between Keynes and his followers start and end. The analysis of
micro-foundations, rigidities, unemployment, expectations, money and monetary policy, fiscal
policy and budget deficit, shows that a very general view of Keynes’ writings still comes
into consideration. But at the same time New Keynesians decidedly reject many typical,
old Keynesian opinions, approving several New Classical and Monetarist suggestions.
Most certainly the spirit of Keynes is recovered and New Keynesians are inheritors
of the considerable part of his proposals. However, Keynes most probably would not be a New
Keynesian.
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Citation
Ruch Prawniczy, Ekonomiczny i Socjologiczny 66, 2004, z. 2, s. 129-143.
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0035-9629