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The Fall and Rise of Keynesian Economics *
Author(s) -
BLINDER ALAN S.
Publication year - 1988
Publication title -
economic record
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.365
H-Index - 42
eISSN - 1475-4932
pISSN - 0013-0249
DOI - 10.1111/j.1475-4932.1988.tb02067.x
Subject(s) - economics , keynesian economics , criticism , post keynesian economics , appeal , neoclassical economics , new keynesian economics , heterodox economics , schools of economic thought , mainstream economics , positive economics , applied economics , macroeconomics , monetary policy , law , political science
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.