Neo-Keynesian economics. Neo-Keynesian economics is a school of macroeconomic thought that was developed in the post-war period from the writings of John Maynard Keynes. A group of economists (notably John Hicks, Franco Modigliani, and Paul Samuelson), attempted to interpret and formalize Keynes' writings, and to synthesize it with the neo-classical models of economics. Their work has become known as the neo-classical synthesis, and created the models that formed the core ideas of neo-Keynesian economics. These ideas dominated mainstream economics in the post-war period, and formed the mainstream of macroeconomic thought in the 1950s, 60s and 70s.[1] In the 1970s a series of developments occurred that shook neo-Keynesian theory. The advent of stagflation, and the work of monetarists like Milton Friedman, cast doubt on neo-Keynesian theories. The result would be a series of new ideas to bring tools to Keynesian analysis that would be capable of explaining the economic events of the 1970s.
Origins[edit] 2008–09 Keynesian resurgence. In 2008 and 2009, there was a worldwide resurgence of interest in Keynesian economics among prominent economists and policy makers. This included discussions and implementation of economic policies in accordance with the recommendations made by John Maynard Keynes in response to the Great Depression— most especially fiscal stimulus and expansionary monetary policy.[1][2][3][4] From the end of the Great Depression until the early 1970s, Keynesian economics provided the main inspiration for economic policy makers in Western industrialized countries.
The influence of Keynes's theories waned in the 1970s, due to stagflation and critiques from Milton Friedman, Robert Lucas, Jr., Friedrich Hayek and other economists who were less optimistic about the ability of interventionist government policy to positively regulate the economy. Background[edit] Competing views on macroeconomic policy[edit] Keynesian economics followed on from the Keynesian Revolution.
The Keynesian ascendancy: 1941–1979[edit] The General Theory of Employment, Interest and Money. Summary[edit] The central argument of The General Theory is that the level of employment is determined, not by the price of labour as in neoclassical economics, but by the spending of money (aggregate demand). Keynes argues that it is wrong to assume that competitive markets will, in the long run, deliver full employment or that full employment is the natural, self-righting, equilibrium state of a monetary economy. On the contrary, under-employment and under-investment are likely to be the natural state unless active measures are taken.
One implication of The General Theory is that an absence of competition is not the main issue and measures to reduce unemployment by benefits or wage cuts have no major effect. Keynes sought to do nothing less but upend the conventional economic wisdom. Preface[edit] Keynes wrote four prefaces, to the English, German, Japanese and French editions, each with a slightly different emphasis. Book I: Introduction[edit] Book II: Definitions and Ideas[edit] Allgemeine Theorie der Beschäftigung, des Zinses und des Geldes. John Maynard Keynes (1946) Die Allgemeine Theorie der Beschäftigung, des Zinses und des Geldes (häufig auch als Allgemeine Theorie oder General Theory (vom engl. Originaltitel The General Theory of Employment, Interest and Money) bezeichnet) wurde von dem britischen Ökonomen John Maynard Keynes verfasst. Es erschien im Februar 1936 und gilt als sein wirtschaftswissenschaftliches Hauptwerk.
Das abstrakte und rein makroökonomische Werk richtet sich gegen klassische bzw. neoklassische Axiome („Postulate“), insbesondere gegen den sogenannten natürlichen Zinssatz und somit gegen das Saysche Theorem. Werk[Bearbeiten] Inhalt[Bearbeiten] Das Werk ist in sechs Bücher gegliedert und umfasst insgesamt 24 Kapitel: Erstes Buch: Einleitung 1.
Rezeption[Bearbeiten] Die in der Allgemeinen Theorie enthaltenen revolutionären Gedanken wurden durch ein breites Spektrum von erklärten Anhängern wie Hicks bis zu offenen Gegnern wie Jacob Viner abgeschwächt, verfälscht und abgewertet. Kerngedanken[Bearbeiten] Keynesianismus. John Maynard Keynes (1883–1946) Unter Keynesianismus [keɪnz-] wird in den Wirtschaftswissenschaften ein Theoriegebäude verstanden, in dem die gesamtwirtschaftliche Nachfrage die entscheidende Größe für Produktion und Beschäftigung ist. In diesem Sinne geht der Keynesianismus auf John Maynard Keynes’ Allgemeine Theorie der Beschäftigung, des Zinses und des Geldes von 1936 zurück. Die Interpretation von Keynes’ Allgemeiner Theorie durch John R.
Hicks 1937 in Form des IS-LM-Modells war Grundlage der neoklassischen Synthese, als deren bekannteste Vertreter Paul Samuelson und Franco Modigliani gelten. Der amerikanische Neokeynesianismus lieferte die bis etwa 1970 dominierenden ökonomischen Modelle. Keynes’ engere Schüler in Cambridge lehnten diese Syntheseversuche stets ab, Joan Robinson nannte die neokeynesianische Schule nur verächtlich „bastard keynesianism“.[1] Die entgegengesetzte postkeynesianische Schule konnte jedoch nie starken Einfluss auf die mainstream-Ökonomie gewinnen. „J.M. Keynesian economics. The theories forming the basis of Keynesian economics were first presented by the British economist John Maynard Keynes in his book, The General Theory of Employment, Interest and Money, published in 1936, during the Great Depression. Keynes contrasted his approach to the aggregate supply-focused 'classical' economics that preceded his book. The interpretations of Keynes that followed are contentious and several schools of economic thought claim his legacy.
Keynesian economists often argue that private sector decisions sometimes lead to inefficient macroeconomic outcomes which require active policy responses by the public sector, in particular, monetary policy actions by the central bank and fiscal policy actions by the government, in order to stabilize output over the business cycle.[2] Keynesian economics advocates a mixed economy – predominantly private sector, but with a role for government intervention during recessions. Overview[edit] Theory[edit] Concept[edit] Excessive saving[edit]