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class="vector-toc-numb">1.3</span> <span><span>Keynes's early writings</span></span> </div> </a> <ul id="toc-Keynes's_early_writings-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Development_of_The_General_Theory" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Development_of_The_General_Theory"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Development of <i>The General Theory</i></span> </div> </a> <ul id="toc-Development_of_The_General_Theory-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Origins_of_the_multiplier" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Origins_of_the_multiplier"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.5</span> <span><span>Origins of the multiplier</span></span> </div> </a> <ul id="toc-Origins_of_the_multiplier-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Public_policy_debates" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Public_policy_debates"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.6</span> <span><span>Public policy debates</span></span> </div> </a> <ul id="toc-Public_policy_debates-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-The_General_Theory" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#The_General_Theory"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span><span>The <i>General Theory</i></span></span> </div> </a> <button aria-controls="toc-The_General_Theory-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle <span>The <i>General Theory</i></span> subsection</span> </button> <ul id="toc-The_General_Theory-sublist" class="vector-toc-list"> <li id="toc-Keynes_and_classical_economics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Keynes_and_classical_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span><span>Keynes and classical economics</span></span> </div> </a> <ul id="toc-Keynes_and_classical_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Keynesian_unemployment" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Keynesian_unemployment"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span><span>Keynesian unemployment</span></span> </div> </a> <ul id="toc-Keynesian_unemployment-sublist" class="vector-toc-list"> <li id="toc-Saving_and_investment" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Saving_and_investment"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2.1</span> <span><span>Saving and investment</span></span> </div> </a> <ul id="toc-Saving_and_investment-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Liquidity_preference" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Liquidity_preference"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2.2</span> <span><span>Liquidity preference</span></span> </div> </a> <ul id="toc-Liquidity_preference-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Keynes's_economic_model" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Keynes's_economic_model"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2.3</span> <span><span>Keynes's economic model</span></span> </div> </a> <ul id="toc-Keynes's_economic_model-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Wage_rigidity" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Wage_rigidity"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2.4</span> <span><span>Wage rigidity</span></span> </div> </a> <ul id="toc-Wage_rigidity-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Remedies_for_unemployment" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Remedies_for_unemployment"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span><span>Remedies for unemployment</span></span> </div> </a> <ul id="toc-Remedies_for_unemployment-sublist" class="vector-toc-list"> <li id="toc-Monetary_remedies" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Monetary_remedies"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3.1</span> <span><span>Monetary remedies</span></span> </div> </a> <ul id="toc-Monetary_remedies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Fiscal_remedies" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Fiscal_remedies"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3.2</span> <span><span>Fiscal remedies</span></span> </div> </a> <ul id="toc-Fiscal_remedies-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Keynesian_models_and_concepts" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Keynesian_models_and_concepts"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span><span>Keynesian models and concepts</span></span> </div> </a> <button aria-controls="toc-Keynesian_models_and_concepts-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle <span>Keynesian models and concepts</span> subsection</span> </button> <ul id="toc-Keynesian_models_and_concepts-sublist" class="vector-toc-list"> <li id="toc-Aggregate_demand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Aggregate_demand"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span><span>Aggregate demand</span></span> </div> </a> <ul id="toc-Aggregate_demand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_Keynesian_multiplier" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_Keynesian_multiplier"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span><span>The Keynesian multiplier</span></span> </div> </a> <ul id="toc-The_Keynesian_multiplier-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_liquidity_trap" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_liquidity_trap"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span><span>The liquidity trap</span></span> </div> </a> <ul id="toc-The_liquidity_trap-sublist" class="vector-toc-list"> <li id="toc-The_IS–LM_model" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#The_IS–LM_model"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3.1</span> <span><span>The IS–LM model</span></span> </div> </a> <ul id="toc-The_IS–LM_model-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Keynesian_economic_policies" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Keynesian_economic_policies"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Keynesian economic policies</span> </div> </a> <button aria-controls="toc-Keynesian_economic_policies-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Keynesian economic policies subsection</span> </button> <ul id="toc-Keynesian_economic_policies-sublist" class="vector-toc-list"> <li id="toc-Active_fiscal_policy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Active_fiscal_policy"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Active fiscal policy</span> </div> </a> <ul id="toc-Active_fiscal_policy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Views_on_trade_imbalance" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Views_on_trade_imbalance"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Views on trade imbalance</span> </div> </a> <ul id="toc-Views_on_trade_imbalance-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Views_on_free_trade_and_protectionism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Views_on_free_trade_and_protectionism"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Views on free trade and protectionism</span> </div> </a> <ul id="toc-Views_on_free_trade_and_protectionism-sublist" class="vector-toc-list"> <li id="toc-The_turning_point_of_the_Great_Depression" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#The_turning_point_of_the_Great_Depression"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3.1</span> <span>The turning point of the Great Depression</span> </div> </a> <ul id="toc-The_turning_point_of_the_Great_Depression-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_critique_of_the_theory_of_comparative_advantage" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#The_critique_of_the_theory_of_comparative_advantage"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3.2</span> <span>The critique of the theory of comparative advantage</span> </div> </a> <ul id="toc-The_critique_of_the_theory_of_comparative_advantage-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Postwar_Keynesianism" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Postwar_Keynesianism"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Postwar Keynesianism</span> </div> </a> <button aria-controls="toc-Postwar_Keynesianism-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Postwar Keynesianism subsection</span> </button> <ul id="toc-Postwar_Keynesianism-sublist" class="vector-toc-list"> <li id="toc-Schools" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Schools"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.1</span> <span>Schools</span> </div> </a> <ul id="toc-Schools-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Keynesianism_and_liberalism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Keynesianism_and_liberalism"> <div class="vector-toc-text"> <span class="vector-toc-numb">5.2</span> <span>Keynesianism and liberalism</span> </div> </a> <ul id="toc-Keynesianism_and_liberalism-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Other_schools_of_economic_thought" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Other_schools_of_economic_thought"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Other schools of economic thought</span> </div> </a> <button aria-controls="toc-Other_schools_of_economic_thought-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Other schools of economic thought subsection</span> </button> <ul id="toc-Other_schools_of_economic_thought-sublist" class="vector-toc-list"> <li id="toc-Stockholm_School" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Stockholm_School"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Stockholm School</span> </div> </a> <ul id="toc-Stockholm_School-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Monetarism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Monetarism"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.2</span> <span>Monetarism</span> </div> </a> <ul id="toc-Monetarism-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marxism_and_Public_choice" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marxism_and_Public_choice"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.3</span> <span>Marxism and Public choice</span> </div> </a> <ul id="toc-Marxism_and_Public_choice-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-New_classical" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#New_classical"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.4</span> <span>New classical</span> </div> </a> <ul id="toc-New_classical-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Austrian_school" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Austrian_school"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.5</span> <span>Austrian school</span> </div> </a> <ul id="toc-Austrian_school-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Others" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Others"> <div class="vector-toc-text"> <span class="vector-toc-numb">6.6</span> <span>Others</span> </div> </a> <ul id="toc-Others-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sources" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Sources"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Sources</span> </div> </a> <ul id="toc-Sources-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Keynesian economics</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 58 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-58" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">58 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Keynesianisme" title="Keynesianisme – Afrikaans" lang="af" hreflang="af" data-title="Keynesianisme" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target"><span>Afrikaans</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF_%D9%83%D9%8A%D9%86%D8%B2%D9%8A" title="اقتصاد كينزي – Arabic" lang="ar" hreflang="ar" data-title="اقتصاد كينزي" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Keynesianismu" title="Keynesianismu – Asturian" lang="ast" hreflang="ast" data-title="Keynesianismu" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Keyns%C3%A7ilik" title="Keynsçilik – Azerbaijani" lang="az" hreflang="az" data-title="Keynsçilik" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%DA%A9%DB%8C%D9%86%D8%B2%DB%8C_%D8%A7%DB%8C%D9%82%D8%AA%DB%8C%D8%B5%D8%A7%D8%AF" title="کینزی ایقتیصاد – South Azerbaijani" lang="azb" hreflang="azb" data-title="کینزی ایقتیصاد" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target"><span>تۆرکجه</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Keynes-ch%C3%BA-g%C4%AB" title="Keynes-chú-gī – Minnan" lang="nan" hreflang="nan" data-title="Keynes-chú-gī" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%9A%D1%8D%D0%B9%D0%BD%D1%81%D1%96%D1%8F%D0%BD%D1%81%D1%82%D0%B2%D0%B0" title="Кэйнсіянства – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Кэйнсіянства" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%9A%D0%B5%D0%B9%D0%BD%D1%81%D0%B8%D0%B0%D0%BD%D1%81%D0%BA%D0%B0_%D0%B8%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0" title="Кейнсианска икономика – Bulgarian" lang="bg" hreflang="bg" data-title="Кейнсианска икономика" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Keynesianisme" title="Keynesianisme – Catalan" lang="ca" hreflang="ca" data-title="Keynesianisme" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Keynesi%C3%A1nstv%C3%AD" title="Keynesiánství – Czech" lang="cs" hreflang="cs" data-title="Keynesiánství" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Keynesianisme" title="Keynesianisme – Danish" lang="da" hreflang="da" data-title="Keynesianisme" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Keynesianismus" title="Keynesianismus – German" lang="de" hreflang="de" data-title="Keynesianismus" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Keinsism" title="Keinsism – Estonian" lang="et" hreflang="et" data-title="Keinsism" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%9A%CE%B5%CF%8B%CE%BD%CF%83%CE%B9%CE%B1%CE%BD%CE%AC_%CE%BF%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AC" title="Κεϋνσιανά οικονομικά – Greek" lang="el" hreflang="el" data-title="Κεϋνσιανά οικονομικά" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Keynesianismo" title="Keynesianismo – Spanish" lang="es" hreflang="es" data-title="Keynesianismo" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Kejnsisma_ekonomiko" title="Kejnsisma ekonomiko – Esperanto" lang="eo" hreflang="eo" data-title="Kejnsisma ekonomiko" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-ext mw-list-item"><a href="https://ext.wikipedia.org/wiki/Keynesianismu" title="Keynesianismu – Extremaduran" lang="ext" hreflang="ext" data-title="Keynesianismu" data-language-autonym="Estremeñu" data-language-local-name="Extremaduran" class="interlanguage-link-target"><span>Estremeñu</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Keynesianismo" title="Keynesianismo – Basque" lang="eu" hreflang="eu" data-title="Keynesianismo" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF_%DA%A9%DB%8C%D9%86%D8%B2%DB%8C" title="اقتصاد کینزی – Persian" lang="fa" hreflang="fa" data-title="اقتصاد کینزی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Keyn%C3%A9sianisme" title="Keynésianisme – French" lang="fr" hreflang="fr" data-title="Keynésianisme" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%BC%80%EC%9D%B8%EC%8A%A4_%EA%B2%BD%EC%A0%9C%ED%95%99" title="케인스 경제학 – Korean" lang="ko" hreflang="ko" data-title="케인스 경제학" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%94%D5%A5%D5%B5%D5%B6%D5%BD%D5%A1%D5%AF%D5%A1%D5%B6%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6" title="Քեյնսականություն – Armenian" lang="hy" hreflang="hy" data-title="Քեյնսականություն" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Kejnezijanizam" title="Kejnezijanizam – Croatian" lang="hr" hreflang="hr" data-title="Kejnezijanizam" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Keynesianisme" title="Keynesianisme – Indonesian" lang="id" hreflang="id" data-title="Keynesianisme" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Keynes%C3%ADsk_hagfr%C3%A6%C3%B0i" title="Keynesísk hagfræði – Icelandic" lang="is" hreflang="is" data-title="Keynesísk hagfræði" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Economia_keynesiana" title="Economia keynesiana – Italian" lang="it" hreflang="it" data-title="Economia keynesiana" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9B%D7%9C%D7%9B%D7%9C%D7%94_%D7%A7%D7%99%D7%99%D7%A0%D7%A1%D7%99%D7%90%D7%A0%D7%99%D7%AA" title="כלכלה קיינסיאנית – Hebrew" lang="he" hreflang="he" data-title="כלכלה קיינסיאנית" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%99%E1%83%94%E1%83%98%E1%83%9C%E1%83%96%E1%83%98%E1%83%90%E1%83%9C%E1%83%98%E1%83%96%E1%83%9B%E1%83%98" title="კეინზიანიზმი – Georgian" lang="ka" hreflang="ka" data-title="კეინზიანიზმი" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%9A%D0%B5%D0%B9%D0%BD%D1%81%D1%88%D1%96%D0%BB%D0%B4%D1%96%D0%BA" title="Кейнсшілдік – Kazakh" lang="kk" hreflang="kk" data-title="Кейнсшілдік" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="https://la.wikipedia.org/wiki/Oeconomica_Keynesiana" title="Oeconomica Keynesiana – Latin" lang="la" hreflang="la" data-title="Oeconomica Keynesiana" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target"><span>Latina</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Keinsisms" title="Keinsisms – Latvian" lang="lv" hreflang="lv" data-title="Keinsisms" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Keynesianizmus" title="Keynesianizmus – Hungarian" lang="hu" hreflang="hu" data-title="Keynesianizmus" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Ekonomi_Keynes" title="Ekonomi Keynes – Malay" lang="ms" hreflang="ms" data-title="Ekonomi Keynes" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Keynesiaanse_economie" title="Keynesiaanse economie – Dutch" lang="nl" hreflang="nl" data-title="Keynesiaanse economie" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%82%B1%E3%82%A4%E3%83%B3%E3%82%BA%E7%B5%8C%E6%B8%88%E5%AD%A6" title="ケインズ経済学 – Japanese" lang="ja" hreflang="ja" data-title="ケインズ経済学" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Keynesianisme" title="Keynesianisme – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Keynesianisme" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Keynesianisme" title="Keynesianisme – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Keynesianisme" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%95%E0%A9%87%E0%A8%A8%E0%A8%9C%E0%A8%BC%E0%A9%80_%E0%A8%85%E0%A8%B0%E0%A8%A5%E0%A8%B8%E0%A8%BC%E0%A8%BE%E0%A8%B8%E0%A8%A4%E0%A8%B0" title="ਕੇਨਜ਼ੀ ਅਰਥਸ਼ਾਸਤਰ – Punjabi" lang="pa" hreflang="pa" data-title="ਕੇਨਜ਼ੀ ਅਰਥਸ਼ਾਸਤਰ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target"><span>ਪੰਜਾਬੀ</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%AF_%DA%A9%D9%8A%D9%86%D8%B2_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF" title="د کينز اقتصاد – Pashto" lang="ps" hreflang="ps" data-title="د کينز اقتصاد" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Keynesizm" title="Keynesizm – Polish" lang="pl" hreflang="pl" data-title="Keynesizm" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Escola_keynesiana" title="Escola keynesiana – Portuguese" lang="pt" hreflang="pt" data-title="Escola keynesiana" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Keynesianism" title="Keynesianism – Romanian" lang="ro" hreflang="ro" data-title="Keynesianism" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9A%D0%B5%D0%B9%D0%BD%D1%81%D0%B8%D0%B0%D0%BD%D1%81%D1%82%D0%B2%D0%BE" title="Кейнсианство – Russian" lang="ru" hreflang="ru" data-title="Кейнсианство" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Keynesian_economics" title="Keynesian economics – Simple English" lang="en-simple" hreflang="en-simple" data-title="Keynesian economics" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%D8%A6%D8%A7%D8%A8%D9%88%D9%88%D8%B1%DB%8C_%DA%A9%DB%95%DB%8C%D9%86%DB%8C%D8%B2%DB%8C" title="ئابووری کەینیزی – Central Kurdish" lang="ckb" hreflang="ckb" data-title="ئابووری کەینیزی" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/Kejnsijanizam" title="Kejnsijanizam – Serbian" lang="sr" hreflang="sr" data-title="Kejnsijanizam" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Kejnzijanizam" title="Kejnzijanizam – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Kejnzijanizam" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Keynesil%C3%A4inen_taloustiede" title="Keynesiläinen taloustiede – Finnish" lang="fi" hreflang="fi" data-title="Keynesiläinen taloustiede" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Keynesianism" title="Keynesianism – Swedish" lang="sv" hreflang="sv" data-title="Keynesianism" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%95%E0%AF%86%E0%AE%AF%E0%AE%BF%E0%AE%A9%E0%AF%8D%E0%AE%9A%E0%AE%BF%E0%AE%AF%E0%AE%AA%E0%AF%8D_%E0%AE%AA%E0%AF%8A%E0%AE%B0%E0%AF%81%E0%AE%B3%E0%AE%BF%E0%AE%AF%E0%AE%B2%E0%AF%8D" title="கெயின்சியப் பொருளியல் – Tamil" lang="ta" hreflang="ta" data-title="கெயின்சியப் பொருளியல்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B9%80%E0%B8%A8%E0%B8%A3%E0%B8%A9%E0%B8%90%E0%B8%A8%E0%B8%B2%E0%B8%AA%E0%B8%95%E0%B8%A3%E0%B9%8C%E0%B8%AA%E0%B8%B3%E0%B8%99%E0%B8%B1%E0%B8%81%E0%B9%80%E0%B8%84%E0%B8%99%E0%B8%AA%E0%B9%8C" title="เศรษฐศาสตร์สำนักเคนส์ – Thai" lang="th" hreflang="th" data-title="เศรษฐศาสตร์สำนักเคนส์" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Keynesyen_ekonomi" title="Keynesyen ekonomi – Turkish" lang="tr" hreflang="tr" data-title="Keynesyen ekonomi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9A%D0%B5%D0%B9%D0%BD%D1%81%D1%96%D0%B0%D0%BD%D1%81%D1%82%D0%B2%D0%BE" title="Кейнсіанство – Ukrainian" lang="uk" hreflang="uk" data-title="Кейнсіанство" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vec mw-list-item"><a href="https://vec.wikipedia.org/wiki/Keynesizmo" title="Keynesizmo – Venetian" lang="vec" hreflang="vec" data-title="Keynesizmo" data-language-autonym="Vèneto" data-language-local-name="Venetian" class="interlanguage-link-target"><span>Vèneto</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Kinh_t%E1%BA%BF_h%E1%BB%8Dc_Keynes" title="Kinh tế học Keynes – Vietnamese" lang="vi" hreflang="vi" data-title="Kinh tế học Keynes" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E5%87%AF%E6%81%A9%E6%96%AF%E4%B8%BB%E4%B9%89%E7%BB%8F%E6%B5%8E%E5%AD%A6" title="凯恩斯主义经济学 – Wu" lang="wuu" hreflang="wuu" data-title="凯恩斯主义经济学" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E5%87%B1%E6%81%A9%E6%96%AF%E7%B6%93%E6%BF%9F%E5%AD%B8" title="凱恩斯經濟學 – Cantonese" lang="yue" hreflang="yue" data-title="凱恩斯經濟學" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%87%AF%E6%81%A9%E6%96%AF%E4%B8%BB%E4%B9%89%E7%BB%8F%E6%B5%8E%E5%AD%A6" title="凯恩斯主义经济学 – Chinese" lang="zh" hreflang="zh" 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title="Visible hand (economics)">Visible hand</a></li> <li><a href="/wiki/Liberalization" title="Liberalization">Liberalization</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Money" title="Money">Money</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Privatization" title="Privatization">Privatization</a></li> <li><a href="/wiki/Profit_(economics)" title="Profit (economics)">Profit</a></li> <li><a href="/wiki/Rent_seeking" class="mw-redirect" title="Rent seeking">Rent seeking</a></li> <li><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a></li> <li><a href="/wiki/Surplus_value" title="Surplus value">Surplus value</a></li> <li><a href="/wiki/Value_(economics)" title="Value (economics)">Value</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic systems</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anglo-Saxon_capitalism" class="mw-redirect" title="Anglo-Saxon capitalism">Anglo-Saxon</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigist</a></li> <li><a href="/wiki/Free_market#General_principles" title="Free market">Free-market</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><i><a href="/wiki/Laissez-faire_capitalism" class="mw-redirect" title="Laissez-faire capitalism">Laissez-faire</a></i></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Market_capitalism" class="mw-redirect" title="Market capitalism">Market</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilist</a></li> <li><a href="/wiki/Mixed_capitalism" class="mw-redirect" title="Mixed capitalism">Mixed</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">Monopoly</a></li> <li><a href="/wiki/National_capitalism" class="mw-redirect" title="National capitalism">National</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberal</a></li> <li><a href="/wiki/Nordic_capitalism" class="mw-redirect" title="Nordic capitalism">Nordic</a></li> <li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Private</a></li> <li><a href="/wiki/Raw_capitalism" class="mw-redirect" title="Raw capitalism">Raw</a></li> <li><a href="/wiki/Regulated_market" title="Regulated market">Regulated market</a></li> <li><a href="/wiki/Regulatory_capitalism" title="Regulatory capitalism">Regulatory</a></li> <li><a href="/wiki/Rhine_capitalism" class="mw-redirect" title="Rhine capitalism">Rhine</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Social</a></li> <li><a href="/wiki/State_capitalism" title="State capitalism">State</a></li> <li><a href="/wiki/State-sponsored_capitalism" class="mw-redirect" title="State-sponsored capitalism">State-sponsored</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Economic theories</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/American_School_(economics)" title="American School (economics)">American</a></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_Monetary_Theory" class="mw-redirect" title="Modern Monetary Theory">MMT</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a class="mw-selflink selflink">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a></li></ul></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxist</a></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarist</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Origins</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Age_of_Enlightenment" title="Age of Enlightenment">Age of Enlightenment</a></li> <li><a href="/wiki/Capitalism_and_Islam" title="Capitalism and Islam">Capitalism and Islam</a></li> <li><a href="/wiki/Commercial_Revolution" class="mw-redirect" title="Commercial Revolution">Commercial Revolution</a></li> <li><a href="/wiki/Feudalism" title="Feudalism">Feudalism</a></li> <li><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">Industrial Revolution</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Simple_commodity_production" title="Simple commodity production">Simple commodity production</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Development</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Advanced_capitalism" title="Advanced capitalism">Advanced</a></li> <li><a href="/wiki/Consumer_capitalism" title="Consumer capitalism">Consumer</a></li> <li><a href="/wiki/Community_capitalism" title="Community capitalism">Community</a></li> <li><a href="/wiki/Corporate_capitalism" title="Corporate capitalism">Corporate</a></li> <li><a href="/wiki/Crony_capitalism" title="Crony capitalism">Crony</a></li> <li><a href="/wiki/Finance_capitalism" title="Finance capitalism">Finance</a></li> <li><a href="/wiki/Global_capitalism" class="mw-redirect" title="Global capitalism">Global</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Illiberal</a></li> <li><a href="/wiki/Late_capitalism" title="Late capitalism">Late</a></li> <li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Marxist</a></li> <li><a href="/wiki/Merchant_capitalism" title="Merchant capitalism">Merchant</a></li> <li><a href="/wiki/Progressive_capitalism" title="Progressive capitalism">Progressive</a></li> <li><a href="/wiki/Rentier_capitalism" title="Rentier capitalism">Rentier</a></li> <li><a href="/wiki/State_monopoly_capitalism" title="State monopoly capitalism">State monopoly</a></li> <li><a href="/wiki/Technocapitalism" title="Technocapitalism">Technological</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Intellectuals</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Jeremy_Bentham" title="Jeremy Bentham">Bentham</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Max_Weber" title="Max Weber">Weber</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Ayn_Rand" title="Ayn Rand">Rand</a></li> <li><a href="/wiki/Richard_M._Weaver" title="Richard M. Weaver">Weaver</a></li> <li><a href="/wiki/Ronald_Coase" title="Ronald Coase">Coase</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/G._Edward_Griffin" title="G. Edward Griffin">Griffin</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Related topics</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anti-capitalism" title="Anti-capitalism">Anti-capitalism</a></li> <li><a href="/wiki/Capitalist_propaganda" title="Capitalist propaganda">Capitalist propaganda</a></li> <li><a href="/wiki/Capitalist_realism" title="Capitalist realism">Capitalist realism</a></li> <li><a href="/wiki/Capitalist_state" title="Capitalist state">Capitalist state</a></li> <li><a href="/wiki/Consumerism" title="Consumerism">Consumerism</a></li> <li><a href="/wiki/Crisis_theory" title="Crisis theory">Crisis theory</a></li> <li><a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">Criticism of capitalism</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Cronyism" title="Cronyism">Cronyism</a></li> <li><a href="/wiki/Culture_of_capitalism" title="Culture of capitalism">Culture of capitalism</a></li> <li><a href="/wiki/Evergreening" title="Evergreening">Evergreening</a></li> <li><a href="/wiki/Exploitation_of_labour" title="Exploitation of labour">Exploitation of labour</a></li> <li><a href="/wiki/Globalization" title="Globalization">Globalization</a></li> <li><a href="/wiki/History_of_capitalism" title="History of capitalism">History</a></li> <li><a href="/wiki/History_of_capitalist_theory" title="History of capitalist theory">History of theory</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market economy</a></li> <li><a href="/wiki/Periodizations_of_capitalism" title="Periodizations of capitalism">Periodizations of capitalism</a></li> <li><a href="/wiki/Perspectives_on_capitalism" class="mw-redirect" title="Perspectives on capitalism">Perspectives on capitalism</a></li> <li><a href="/wiki/Post-capitalism" title="Post-capitalism">Post-capitalism</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Spontaneous_order" title="Spontaneous order">Spontaneous order</a></li> <li><a href="/wiki/Venture_philanthropy" title="Venture philanthropy">Venture philanthropy</a></li> <li><a href="/wiki/Wage_slavery" title="Wage slavery">Wage slavery</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;text-align:left;;color: var(--color-base)">Ideologies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Anarcho-capitalism" title="Anarcho-capitalism">Anarcho</a></li> <li><a href="/wiki/Authoritarian_capitalism" title="Authoritarian capitalism">Authoritarian</a></li> <li><a href="/wiki/Classical_liberalism" title="Classical liberalism">Classical liberalism</a></li> <li><a href="/wiki/Democratic_capitalism" title="Democratic capitalism">Democratic</a></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigisme</a></li> <li><a href="/wiki/Eco-capitalism" title="Eco-capitalism">Eco</a></li> <li><a href="/wiki/Humanistic_capitalism" title="Humanistic capitalism">Humanistic</a></li> <li><a href="/wiki/Inclusive_capitalism" title="Inclusive capitalism">Inclusive</a></li> <li><a href="/wiki/Liberal_capitalism" class="mw-redirect" title="Liberal capitalism">Liberal</a></li> <li><a href="/wiki/Liberalism" title="Liberalism">Liberalism</a></li> <li><a href="/wiki/Libertarian_capitalism" class="mw-redirect" title="Libertarian capitalism">Libertarian</a></li> <li><a href="/wiki/Neo-Capitalism" class="mw-redirect" title="Neo-Capitalism">Neo</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></li> <li><a href="/wiki/Objectivism" title="Objectivism">Objectivism</a></li> <li><a href="/wiki/Ordoliberalism" title="Ordoliberalism">Ordoliberalism</a></li> <li><a href="/wiki/Privatism" title="Privatism">Privatism</a></li> <li><a href="/wiki/Right-libertarianism" title="Right-libertarianism">Right-libertarianism</a></li> <li><a href="/wiki/Third_Way" title="Third Way">Third Way</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Capitalismlogo.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/16px-Capitalismlogo.svg.png" decoding="async" width="16" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/24px-Capitalismlogo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2f/Capitalismlogo.svg/32px-Capitalismlogo.svg.png 2x" data-file-width="959" data-file-height="912" /></a></span> </span><a href="/wiki/Portal:Capitalism" title="Portal:Capitalism">Capitalism portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Capitalism_sidebar" title="Template:Capitalism sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Capitalism_sidebar" title="Template talk:Capitalism sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Capitalism_sidebar" title="Special:EditPage/Template:Capitalism sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Macroeconomics" title="Category:Macroeconomics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></th></tr><tr><td class="sidebar-image" style="padding-top:0.6em;"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ec_8_(26088200676)_(cropped).jpg" class="mw-file-description"><img alt="Federal Reserve" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/220px-Ec_8_%2826088200676%29_%28cropped%29.jpg" decoding="async" width="220" height="150" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/330px-Ec_8_%2826088200676%29_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Ec_8_%2826088200676%29_%28cropped%29.jpg/440px-Ec_8_%2826088200676%29_%28cropped%29.jpg 2x" data-file-width="2400" data-file-height="1633" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Basic concepts</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a></li> <li><a href="/wiki/Aggregate_supply" title="Aggregate supply">Aggregate supply</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Compound_annual_growth_rate" title="Compound annual growth rate">CAGR</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a></li> <li><a href="/wiki/Demand_shock" title="Demand shock">Demand shock</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li>Expectations <ul><li><a href="/wiki/Adaptive_expectations" title="Adaptive expectations">Adaptive</a></li> <li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational</a></li></ul></li> <li><a href="/wiki/Financial_crisis" title="Financial crisis">Financial crisis</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Growth</a></li> <li><a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Demand-pull_inflation" title="Demand-pull inflation">Demand-pull</a></li> <li><a href="/wiki/Cost-push_inflation" title="Cost-push inflation">Cost-push</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a></li> <li><a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">Investment</a></li> <li><a href="/wiki/Liquidity_trap" title="Liquidity trap">Liquidity trap</a></li> <li><a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">Measures of national income and output</a> <ul><li><a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a></li> <li><a href="/wiki/Gross_national_income" title="Gross national income">GNI</a></li> <li><a href="/wiki/Net_national_income" title="Net national income">NNI</a></li></ul></li> <li><a href="/wiki/Microfoundations" title="Microfoundations">Microfoundations</a></li> <li><a href="/wiki/Money" title="Money">Money</a> <ul><li><a href="/wiki/Endogenous_money" title="Endogenous money">Endogenous</a></li></ul></li> <li><a href="/wiki/Money_creation" title="Money creation">Money creation</a></li> <li><a href="/wiki/Demand_for_money" title="Demand for money">Demand for money</a> <ul><li><a href="/wiki/Liquidity_preference" title="Liquidity preference">Liquidity preference</a></li></ul></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounts</a> <ul><li><a href="/wiki/System_of_National_Accounts" title="System of National Accounts">SNA</a></li></ul></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Nominal rigidity</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Shrinkflation" title="Shrinkflation">Shrinkflation</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply shock</a></li> <li><a href="/wiki/National_saving" title="National saving">Saving</a></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Policies</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fiscal_policy" title="Fiscal policy">Fiscal</a></li> <li><a href="/wiki/Monetary_policy" title="Monetary policy">Monetary</a></li> <li><a href="/wiki/Commercial_policy" title="Commercial policy">Commercial</a></li> <li><a href="/wiki/Central_bank" title="Central bank">Central bank</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Models</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS–LM</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">AD–AS</a></li> <li><a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a></li> <li><a href="/wiki/Multiplier_(economics)" title="Multiplier (economics)">Multiplier</a></li> <li><a href="/wiki/Accelerator_effect" title="Accelerator effect">Accelerator</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Arrow%E2%80%93Debreu_model" title="Arrow–Debreu model">Arrow–Debreu</a></li> <li><a href="/wiki/Harrod%E2%80%93Domar_model" title="Harrod–Domar model">Harrod–Domar</a></li> <li><a href="/wiki/Solow%E2%80%93Swan_model" title="Solow–Swan model">Solow–Swan</a></li> <li><a href="/wiki/Ramsey%E2%80%93Cass%E2%80%93Koopmans_model" title="Ramsey–Cass–Koopmans model">Ramsey–Cass–Koopmans</a></li> <li><a href="/wiki/Overlapping_generations_model" title="Overlapping generations model">Overlapping generations</a></li> <li><a href="/wiki/General_equilibrium_theory" title="General equilibrium theory">General equilibrium</a> <ul><li><a href="/wiki/Dynamic_stochastic_general_equilibrium" title="Dynamic stochastic general equilibrium">DSGE</a></li></ul></li> <li><a href="/wiki/Endogenous_growth_theory" title="Endogenous growth theory">Endogenous growth</a></li> <li><a href="/wiki/Matching_theory_(economics)" class="mw-redirect" title="Matching theory (economics)">Matching theory</a></li> <li><a href="/wiki/Mundell%E2%80%93Fleming_model" title="Mundell–Fleming model">Mundell–Fleming</a></li> <li><a href="/wiki/Overshooting_model" title="Overshooting model">Overshooting</a></li> <li><a href="/wiki/NAIRU" title="NAIRU">NAIRU</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Related fields</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">Schools</a></div><div class="sidebar-list-content mw-collapsible-content hlist"><i>Mainstream</i> <ul><li><a class="mw-selflink selflink">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater and freshwater</a></li></ul> <p><i>Heterodox</i> </p> <ul><li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a></li> <li><a href="/wiki/Market_monetarism" title="Market monetarism">Market monetarism</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)"><a href="/wiki/Category:Macroeconomists" title="Category:Macroeconomists">People</a></div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">François Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Thomas Robert Malthus</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Léon Walras</a></li> <li><a href="/wiki/Knut_Wicksell" title="Knut Wicksell">Knut Wicksell</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a></li> <li><a href="/wiki/Wesley_Clair_Mitchell" title="Wesley Clair Mitchell">Wesley Clair Mitchell</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Gunnar Myrdal</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Simon Kuznets</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Richard_Stone" title="Richard Stone">Richard Stone</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Robert Lucas Jr.</a></li> <li><a href="/wiki/Edward_C._Prescott" title="Edward C. Prescott">Edward C. Prescott</a></li> <li><a href="/wiki/Peter_Diamond" title="Peter Diamond">Peter Diamond</a></li> <li><a href="/wiki/William_Nordhaus" title="William Nordhaus">William Nordhaus</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Thomas_J._Sargent" title="Thomas J. Sargent">Thomas J. Sargent</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">N. Gregory Mankiw</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">See also</div><div class="sidebar-list-content mw-collapsible-content hlist"> <ul><li><a href="/wiki/Macroeconomic_model" title="Macroeconomic model">Macroeconomic model</a></li> <li><a href="/wiki/List_of_important_publications_in_economics#Macroeconomics" title="List of important publications in economics">Publications in macroeconomics</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li></ul></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below plainlist"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Macroeconomics_sidebar" title="Template:Macroeconomics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Macroeconomics_sidebar" title="Template talk:Macroeconomics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Macroeconomics_sidebar" title="Special:EditPage/Template:Macroeconomics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Keynesian economics</b> (<span class="rt-commentedText nowrap"><span class="IPA nopopups noexcerpt" lang="en-fonipa"><a href="/wiki/Help:IPA/English" title="Help:IPA/English">/<span style="border-bottom:1px dotted"><span title="/ˈ/: primary stress follows">ˈ</span><span title="'k' in 'kind'">k</span><span title="/eɪ/: 'a' in 'face'">eɪ</span><span title="'n' in 'nigh'">n</span><span title="'z' in 'zoom'">z</span><span title="/i/: 'y' in 'happy'">i</span><span title="/ə/: 'a' in 'about'">ə</span><span title="'n' in 'nigh'">n</span></span>/</a></span></span> <a href="/wiki/Help:Pronunciation_respelling_key" title="Help:Pronunciation respelling key"><i title="English pronunciation respelling"><span style="font-size:90%">KAYN</span>-zee-ən</i></a>; sometimes <b>Keynesianism</b>, named after British economist <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a>) are the various <a href="/wiki/Macroeconomics" title="Macroeconomics">macroeconomic</a> theories and <a href="/wiki/Economic_model" title="Economic model">models</a> of how <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a> (total spending in the <a href="/wiki/Economy" title="Economy">economy</a>) strongly influences <a href="/wiki/Output_(economics)" title="Output (economics)">economic output</a> and <a href="/wiki/Inflation" title="Inflation">inflation</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> In the Keynesian view, aggregate demand does not necessarily equal the <a href="/wiki/Aggregate_supply" title="Aggregate supply">productive capacity of the economy</a>. It is influenced by a host of factors that sometimes behave erratically and impact production, employment, and <a href="/wiki/Inflation" title="Inflation">inflation</a>.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> </p><p>Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a <a href="/wiki/Market_economy" title="Market economy">market economy</a> often experiences inefficient macroeconomic outcomes, including <a href="/wiki/Economic_recession" class="mw-redirect" title="Economic recession">recessions</a> when demand is too low and inflation when demand is too high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between a government and their <a href="/wiki/Central_bank" title="Central bank">central bank</a>. In particular, <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a> actions taken by the government and <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a> actions taken by the central bank, can help stabilize economic output, inflation, and unemployment over the <a href="/wiki/Business_cycle" title="Business cycle">business cycle</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Keynesian economists generally advocate a regulated market economy – predominantly <a href="/wiki/Private_sector" title="Private sector">private sector</a>, but with an active role for government intervention during recessions and <a href="/wiki/Economic_depression" title="Economic depression">depressions</a>.<sup id="cite_ref-Blinder_4-0" class="reference"><a href="#cite_note-Blinder-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>Keynesian economics developed during and after the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> from the ideas presented by Keynes in his 1936 book, <i><a href="/wiki/The_General_Theory_of_Employment,_Interest_and_Money" title="The General Theory of Employment, Interest and Money">The General Theory of Employment, Interest and Money</a></i>.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> Keynes' approach was a stark contrast to the <a href="/wiki/Aggregate_supply" title="Aggregate supply">aggregate supply</a>-focused <a href="/wiki/Classical_economics" title="Classical economics">classical economics</a> that preceded his book. Interpreting Keynes's work is a contentious topic, and several <a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">schools of economic thought</a> claim his legacy. </p><p>Keynesian economics, as part of the <a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical synthesis</a>, served as the standard macroeconomic model in the <a href="/wiki/Developed_nations" class="mw-redirect" title="Developed nations">developed nations</a> during the later part of the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, <a href="/wiki/World_War_II" title="World War II">World War II</a>, and the <a href="/wiki/Post-World_War_II_economic_expansion" class="mw-redirect" title="Post-World War II economic expansion">post-war economic expansion</a> (1945–1973). It was developed in part to attempt to explain the Great Depression and to help economists understand future crises. It lost some influence following the <a href="/wiki/1973_oil_crisis" title="1973 oil crisis">oil shock</a> and resulting <a href="/wiki/1973%E2%80%9375_recession" class="mw-redirect" title="1973–75 recession">stagflation of the 1970s</a>.<sup id="cite_ref-K_rev._and_critics_6-0" class="reference"><a href="#cite_note-K_rev._and_critics-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Keynesian economics was later redeveloped as <a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New Keynesian economics</a>, becoming part of the contemporary <a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">new neoclassical synthesis</a>, that forms current-day <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream macroeconomics</a>.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The advent of the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a> sparked <a href="/wiki/2008%E2%80%932009_Keynesian_resurgence" title="2008–2009 Keynesian resurgence">renewed interest in Keynesian policies</a> by governments around the world.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Historical_context">Historical context</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=1" title="Edit section: Historical context"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Pre-Keynesian_macroeconomics"><span id="prekeynesian"></span>Pre-Keynesian macroeconomics</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=2" title="Edit section: Pre-Keynesian macroeconomics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a> is the study of the factors applying to an economy as a whole. Important macroeconomic variables include the overall price level, the <a href="/wiki/Interest_rate" title="Interest rate">interest rate</a>, the level of employment, and income (or equivalently output) measured in <a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">real terms</a>. </p><p>The classical tradition of <a href="/wiki/Partial_equilibrium" title="Partial equilibrium">partial equilibrium theory</a> had been to split the economy into separate markets, each of whose equilibrium conditions could be stated as a single equation determining a single variable. The theoretical apparatus of <a href="/wiki/Supply_(economics)#Supply_curve" title="Supply (economics)">supply</a> and <a href="/wiki/Demand_curve" title="Demand curve">demand curves</a> developed by <a href="/wiki/Fleeming_Jenkin" title="Fleeming Jenkin">Fleeming Jenkin</a> and <a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Alfred Marshall</a> provided a unified mathematical basis for this approach, which the <a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne School</a> generalized to general equilibrium theory. </p><p>For macroeconomics, relevant partial theories included the <a href="/wiki/Quantity_theory_of_money" title="Quantity theory of money">Quantity theory of money</a> determining the price level and the <a href="/wiki/Interest#classicalinterest" title="Interest">classical theory of the interest rate</a>. In regards to employment, the condition referred to by Keynes as the "first postulate of classical economics" stated that the wage is equal to the marginal product, which is a direct application of the <a href="/wiki/Marginalism" title="Marginalism">marginalist</a> principles developed during the nineteenth century (see <a href="/wiki/The_General_Theory_of_Employment,_Interest_and_Money#stickiness" title="The General Theory of Employment, Interest and Money"><i>The General Theory</i></a>). Keynes sought to supplant all three aspects of the classical theory. </p> <div class="mw-heading mw-heading3"><h3 id="Precursors_of_Keynesianism">Precursors of Keynesianism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=3" title="Edit section: Precursors of Keynesianism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Underconsumption" title="Underconsumption">Underconsumption</a>, <a href="/wiki/Birmingham_School_(economics)" class="mw-redirect" title="Birmingham School (economics)">Birmingham School (economics)</a>, and <a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm school (economics)</a></div> <p>Although Keynes's work was crystallized and given impetus by the advent of the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, it was part of a long-running debate within economics over the existence and nature of <a href="/wiki/General_glut" title="General glut">general gluts</a>. A number of the policies Keynes advocated to address the Great Depression (notably government deficit spending at times of low private investment or consumption), and many of the theoretical ideas he proposed (effective demand, the multiplier, the <a href="/wiki/Paradox_of_thrift" title="Paradox of thrift">paradox of thrift</a>), had been advanced by authors in the 19th and early 20th centuries. (E.g. <a href="/wiki/J._M._Robertson" title="J. M. Robertson">J. M. Robertson</a> raised the paradox of thrift <a href="/wiki/J._M._Robertson#Political_views" title="J. M. Robertson">in 1892</a>.<sup id="cite_ref-neglect_9-0" class="reference"><a href="#cite_note-neglect-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup>) Keynes's unique contribution was to provide a <i>general theory</i> of these, which proved acceptable to the economic establishment. </p><p>An intellectual precursor of Keynesian economics was <a href="/wiki/Underconsumption" title="Underconsumption">underconsumption</a> theories associated with <a href="/wiki/John_Law_(economist)" title="John Law (economist)">John Law</a>, <a href="/wiki/Thomas_Malthus" class="mw-redirect" title="Thomas Malthus">Thomas Malthus</a>, the <a href="/wiki/Birmingham_School_(economics)" class="mw-redirect" title="Birmingham School (economics)">Birmingham School</a> of <a href="/wiki/Thomas_Attwood_(economist)" title="Thomas Attwood (economist)">Thomas Attwood</a>,<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> and the American economists <a href="/wiki/William_Trufant_Foster" title="William Trufant Foster">William Trufant Foster</a> and <a href="/wiki/Waddill_Catchings" title="Waddill Catchings">Waddill Catchings</a>, who were influential in the 1920s and 1930s. Underconsumptionists were, like Keynes after them, concerned with failure of <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a> to attain potential output, calling this "underconsumption" (focusing on the demand side), rather than "<a href="/wiki/Overproduction" title="Overproduction">overproduction</a>" (which would focus on the supply side), and advocating <a href="/wiki/Economic_interventionism" class="mw-redirect" title="Economic interventionism">economic interventionism</a>. Keynes specifically discussed underconsumption (which he wrote "under-consumption") in the <i>General Theory,</i> in <a rel="nofollow" class="external text" href="https://www.marxists.org/reference/subject/economics/keynes/general-theory/ch22.htm#iv">Chapter 22, Section IV</a> and <a rel="nofollow" class="external text" href="https://www.marxists.org/reference/subject/economics/keynes/general-theory/ch23.htm#vii">Chapter 23, Section VII</a>. </p><p>Numerous concepts were developed earlier and independently of Keynes by the <a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm school</a> during the 1930s; these accomplishments were described in a 1937 article, published in response to the 1936 <i>General Theory,</i> sharing the Swedish discoveries.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Keynes's_early_writings"><span id="Keynes.27s_early_writings"></span><span id="earlykeynes">Keynes's early writings</span></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=4" title="Edit section: Keynes's early writings"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In 1923, Keynes published his first contribution to economic theory, <i><a href="/wiki/A_Tract_on_Monetary_Reform" title="A Tract on Monetary Reform">A Tract on Monetary Reform</a></i>, whose point of view is classical but incorporates ideas that later played a part in the <i>General Theory</i>. In particular, looking at the hyperinflation in European economies, he drew attention to the <a href="/wiki/Opportunity_cost" title="Opportunity cost">opportunity cost</a> of holding money (identified with inflation rather than interest) and its influence on the <a href="/wiki/Velocity_of_money" title="Velocity of money">velocity of circulation</a>.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>In 1930, he published <i><a href="/wiki/A_Treatise_on_Money" title="A Treatise on Money">A Treatise on Money</a></i>, intended as a comprehensive treatment of its subject "which would confirm his stature as a serious academic scholar, rather than just as the author of stinging polemics",<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> and marks a large step in the direction of his later views. In it, he attributes unemployment to wage stickiness<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> and treats saving and investment as governed by independent decisions: the former varying positively with the interest rate,<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> the latter negatively.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> The velocity of circulation is expressed as a function of the rate of interest.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> He interpreted his treatment of liquidity as implying a purely monetary theory of interest.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>Keynes's younger colleagues of the <a href="/wiki/Cambridge_Circus_(economics)" title="Cambridge Circus (economics)">Cambridge Circus</a> and <a href="/wiki/Ralph_Hawtrey" class="mw-redirect" title="Ralph Hawtrey">Ralph Hawtrey</a> believed that his arguments implicitly assumed <a href="/wiki/Full_employment" title="Full employment">full employment</a>, and this influenced the direction of his subsequent work.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> During 1933, he wrote essays on various economic topics "all of which are cast in terms of movement of output as a whole".<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Development_of_The_General_Theory">Development of <i>The General Theory</i></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=5" title="Edit section: Development of The General Theory"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>At the time that Keynes wrote the <a href="/wiki/The_General_Theory_of_Employment,_Interest_and_Money" title="The General Theory of Employment, Interest and Money">General Theory</a>, it had been a tenet of mainstream economic thought that the economy would automatically revert to a state of general equilibrium: it had been assumed that, because the needs of consumers are always greater than the capacity of the producers to satisfy those needs, everything that is produced would eventually be consumed once the appropriate price was found for it. This perception is reflected in <a href="/wiki/Say%27s_law" title="Say's law">Say's law</a><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> and in the writing of <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a>,<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> which states that individuals produce so that they can either consume what they have manufactured or sell their output so that they can buy someone else's output. This argument rests upon the assumption that if a surplus of goods or services exists, they would naturally drop in price to the point where they would be consumed. </p><p>Given the backdrop of high and persistent unemployment during the Great Depression, Keynes argued that there was no guarantee that the goods that individuals produce would be met with adequate effective demand, and periods of high unemployment could be expected, especially when the economy was contracting in size. He saw the economy as unable to maintain itself at full employment automatically, and believed that it was necessary for the government to step in and put purchasing power into the hands of the working population through government spending. Thus, according to Keynesian theory, some individually rational <a href="/wiki/Microeconomics" title="Microeconomics">microeconomic-level</a> actions such as not investing savings in the goods and services produced by the economy, if taken collectively by a large proportion of individuals and firms, can lead to outcomes wherein the economy operates below its potential output and growth rate. </p><p>Prior to Keynes, a situation in which <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a> for <a href="/wiki/Good_(economics)" class="mw-redirect" title="Good (economics)">goods</a> and services did not meet supply was referred to by <a href="/wiki/Classical_economics" title="Classical economics">classical economists</a> as a <i><a href="/wiki/General_glut" title="General glut">general glut</a></i>, although there was disagreement among them as to whether a general glut was possible. Keynes argued that when a glut occurred, it was the over-reaction of producers and the laying off of workers that led to a fall in demand and perpetuated the problem. Keynesians therefore advocate an active stabilization policy to reduce the amplitude of the business cycle, which they rank among the most serious of economic problems. According to the theory, government spending can be used to increase aggregate demand, thus increasing economic activity, reducing unemployment and <a href="/wiki/Deflation_(economics)" class="mw-redirect" title="Deflation (economics)">deflation</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Origins_of_the_multiplier"><span id="multorigins">Origins of the multiplier</span></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=6" title="Edit section: Origins of the multiplier"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Liberal_Party_(UK)" title="Liberal Party (UK)">Liberal Party</a> fought the 1929 General Election on a promise to "reduce levels of unemployment to normal within one year by utilising the stagnant labour force in vast schemes of national development".<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> <a href="/wiki/David_Lloyd_George" title="David Lloyd George">David Lloyd George</a> launched his campaign in March with a policy document, <i>We can cure unemployment,</i> which tentatively claimed that, "Public works would lead to a second round of spending as the workers spent their wages."<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> Two months later Keynes, then nearing completion of his <i>Treatise on money</i>,<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Hubert_Henderson" title="Hubert Henderson">Hubert Henderson</a> collaborated on a political pamphlet seeking to "provide academically respectable economic arguments" for Lloyd George's policies.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> It was titled <i>Can Lloyd George do it?</i> and endorsed the claim that "greater trade activity would make for greater trade activity ... with a cumulative effect".<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> This became the mechanism of the "ratio" published by <a href="/wiki/Richard_Kahn,_Baron_Kahn" title="Richard Kahn, Baron Kahn">Richard Kahn</a> in his 1931 paper "The relation of home investment to unemployment",<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> described by <a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a> as "one of the great landmarks of economic analysis".<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> The "ratio" was soon rechristened the "multiplier" at Keynes's suggestion.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Fiscal_multiplier" title="Fiscal multiplier">multiplier</a> of Kahn's paper is based on a respending mechanism familiar nowadays from textbooks. Samuelson puts it as follows: </p> <blockquote><p>Let's suppose that I hire unemployed resources to build a $1000 woodshed. My carpenters and lumber producers will get an extra $1000 of income... If they all have a marginal propensity to consume of 2/3, they will now spend $666.67 on new consumption goods. The producers of these goods will now have extra incomes... they in turn will spend $444.44 ... Thus an endless chain of <i>secondary consumption respending</i> is set in motion by my <i>primary</i> investment of $1000.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Samuelson's treatment closely follows <a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a>'s account of 1937<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> and is the main channel by which the multiplier has influenced Keynesian theory. It differs significantly from Kahn's paper and even more from Keynes's book. </p><p>The designation of the initial spending as "investment" and the employment-creating respending as "consumption" echoes Kahn faithfully, though he gives no reason why initial consumption or subsequent investment respending should not have exactly the same effects. <a href="/wiki/Henry_Hazlitt" title="Henry Hazlitt">Henry Hazlitt</a>, who considered Keynes as much a culprit as Kahn and Samuelson, wrote that ... </p> <blockquote><p>... in connection with the multiplier (and indeed most of the time) what Keynes is referring to as "investment" really means <i>any addition to spending for any purpose</i>... The word "investment" is being used in a Pickwickian, or Keynesian, sense.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Kahn envisaged money as being passed from hand to hand, creating employment at each step, until it came to rest in a <i>cul-de-sac</i> (Hansen's term was "leakage"); the only <i>culs-de-sac</i> he acknowledged were imports and hoarding, although he also said that a rise in prices might dilute the multiplier effect. Jens Warming recognised that personal saving had to be considered,<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> treating it as a "leakage" (p. 214) while recognising on p. 217 that it might in fact be invested. </p><p>The textbook multiplier gives the impression that making society richer is the easiest thing in the world: the government just needs to spend more. In Kahn's paper, it is harder. For him, the initial expenditure must not be a diversion of funds from other uses, but an increase in the total expenditure: something impossible – if understood in real terms – under the classical theory that the level of expenditure is limited by the economy's income/output. On page 174, Kahn rejects the claim that the effect of public works is at the expense of expenditure elsewhere, admitting that this might arise if the revenue is raised by taxation, but says that other available means have no such consequences. As an example, he suggests that the money may be raised by borrowing from banks, since ... </p> <blockquote><p>... it is always within the power of the banking system to advance to the Government the cost of the roads without in any way affecting the flow of investment along the normal channels.</p></blockquote> <p>This assumes that banks are free to create resources to answer any demand. But Kahn adds that ... </p> <blockquote><p>... no such hypothesis is really necessary. For it will be demonstrated later on that, <i>pari passu</i> with the building of roads, funds are released from various sources at precisely the rate that is required to pay the cost of the roads.</p></blockquote> <p>The demonstration relies on "Mr Meade's relation" (due to <a href="/wiki/James_Meade" title="James Meade">James Meade</a>) asserting that the total amount of money that disappears into <i>culs-de-sac</i> is equal to the original outlay,<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> which in Kahn's words "should bring relief and consolation to those who are worried about the monetary sources" (p. 189). </p><p>A respending multiplier had been proposed earlier by Hawtrey in a 1928 Treasury memorandum ("with imports as the only leakage"), but the idea was discarded in his own subsequent writings.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> Soon afterwards the Australian economist <a href="/wiki/Lyndhurst_Giblin" title="Lyndhurst Giblin">Lyndhurst Giblin</a> published a multiplier analysis in a 1930 lecture (again with imports as the only leakage).<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> The idea itself was much older. Some Dutch <a href="/wiki/Mercantilism" title="Mercantilism">mercantilists</a> had believed in an infinite multiplier for military expenditure (assuming no import "leakage"), since ... </p> <blockquote><p>... a war could support itself for an unlimited period if only money remained in the country ... For if money itself is "consumed", this simply means that it passes into someone else's possession, and this process may continue indefinitely.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup></p></blockquote><p> Multiplier doctrines had subsequently been expressed in more theoretical terms by the Dane <a href="/wiki/Julius_Wulff" title="Julius Wulff">Julius Wulff</a> (1896), the Australian <a href="/wiki/Alfred_de_Lissa" title="Alfred de Lissa">Alfred de Lissa</a> (late 1890s), the German/American <a href="/wiki/Nicholas_Johannsen" title="Nicholas Johannsen">Nicholas Johannsen</a> (same period), and the Dane Fr. Johannsen (1925/1927).<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> Kahn himself said that the idea was given to him as a child by his father.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p><div class="mw-heading mw-heading3"><h3 id="Public_policy_debates"><span id="policydebates">Public policy debates</span></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=7" title="Edit section: Public policy debates"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>As the 1929 election approached "Keynes was becoming a strong public advocate of capital development" as a public measure to alleviate unemployment.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> Winston Churchill, the Conservative Chancellor, took the opposite view: </p> <blockquote><p>It is the orthodox Treasury dogma, steadfastly held ... [that] very little additional employment and no permanent additional employment can, in fact, be created by State borrowing and State expenditure.<sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Keynes pounced on a flaw in the <a href="/wiki/Treasury_view" title="Treasury view">Treasury view</a>. Cross-examining <a href="/wiki/Richard_Hopkins_(civil_servant)" title="Richard Hopkins (civil servant)">Sir Richard Hopkins</a>, a Second Secretary in the Treasury, before the <a href="/wiki/Macmillan_Committee" title="Macmillan Committee">Macmillan Committee</a> on Finance and Industry in 1930 he referred to the "first proposition" that "schemes of capital development are of no use for reducing unemployment" and asked whether "it would be a misunderstanding of the Treasury view to say that they hold to the first proposition". Hopkins responded that "The first proposition goes much too far. The first proposition would ascribe to us an absolute and rigid dogma, would it not?"<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> </p><p>Later the same year, speaking in a newly created Committee of Economists, Keynes tried to use Kahn's emerging multiplier theory to argue for public works, "but Pigou's and Henderson's objections ensured that there was no sign of this in the final product".<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup> In 1933 he gave wider publicity to his support for Kahn's multiplier in a series of articles titled "The road to prosperity" in <i>The Times</i> newspaper.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">A. C. Pigou</a> was at the time the sole economics professor at Cambridge. He had a continuing interest in the subject of unemployment, having expressed the view in his popular <i>Unemployment</i> (1913) that it was caused by "maladjustment between wage-rates and demand"<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> – a view Keynes may have shared prior to the years of the <i>General Theory</i>. Nor were his practical recommendations very different: "on many occasions in the thirties" Pigou "gave public support [...] to State action designed to stimulate employment".<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> Where the two men differed is in the link between theory and practice. Keynes was seeking to build theoretical foundations to support his recommendations for public works while Pigou showed no disposition to move away from classical doctrine. Referring to him and <a href="/wiki/Dennis_Robertson_(economist)" title="Dennis Robertson (economist)">Dennis Robertson</a>, Keynes asked rhetorically: "Why do they insist on maintaining theories from which their own practical conclusions cannot possibly follow?"<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="The_General_Theory"><span id="generaltheory">The <i>General Theory</i></span></h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=8" title="Edit section: The General Theory"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/The_General_Theory_of_Employment,_Interest_and_Money" title="The General Theory of Employment, Interest and Money">The General Theory of Employment, Interest and Money</a></div> <p>Keynes set forward the ideas that became the basis for Keynesian economics in his main work, <i><a href="/wiki/The_General_Theory_of_Employment,_Interest_and_Money" title="The General Theory of Employment, Interest and Money">The General Theory of Employment, Interest and Money</a></i> (1936). It was written during the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, when unemployment rose to 25% in the United States and as high as 33% in some countries. It is almost wholly theoretical, enlivened by occasional passages of satire and social commentary. The book had a profound impact on economic thought, and ever since it was published there has been debate over its meaning. </p> <div class="mw-heading mw-heading3"><h3 id="Keynes_and_classical_economics"><span id="keynesandclassics">Keynes and classical economics</span></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=9" title="Edit section: Keynes and classical economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Keynes begins the <i>General Theory</i> with a summary of the classical theory of employment, which he encapsulates in his formulation of <a href="/wiki/Say%27s_law" title="Say's law">Say's Law</a> as the dictum "<a href="/wiki/Supply_creates_its_own_demand" title="Supply creates its own demand">Supply creates its own demand</a>". He also wrote that although his theory was explained in terms of an Anglo-Saxon <i>laissez faire</i> economy, his theory was also more general in the sense that it would be easier to adapt to "totalitarian states" than a free market policy would.<sup id="cite_ref-Oxford_University_Press_(OUP)_1980_p._50-0" class="reference"><a href="#cite_note-Oxford_University_Press_(OUP)_1980_p.-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> </p><p>Under the classical theory, the wage rate is determined by the <a href="/wiki/Marginal_product_of_labor" title="Marginal product of labor">marginal productivity of labour</a>, and as many people are employed as are willing to work at that rate. Unemployment may arise through <a href="/wiki/Frictional_unemployment" title="Frictional unemployment">friction</a> or may be "voluntary", in the sense that it arises from a refusal to accept employment owing to "legislation or social practices ... or mere human obstinacy", but "...the classical postulates do not admit of the possibility of the third category," which Keynes defines as <i><a href="/wiki/Involuntary_unemployment" title="Involuntary unemployment">involuntary unemployment</a></i>.<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> </p><p>Keynes raises two objections to the classical theory's assumption that "wage bargains ... determine the real wage". The first lies in the fact that "labour stipulates (within limits) for a money-wage rather than a real wage". The second is that classical theory assumes that, "The real wages of labour depend on the wage bargains which labour makes with the entrepreneurs," whereas, "If money wages change, one would have expected the classical school to argue that prices would change in almost the same proportion, leaving the real wage and the level of unemployment practically the same as before."<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> Keynes considers his second objection the more fundamental, but most commentators concentrate on his first one: it has been argued that the <a href="/wiki/Quantity_theory_of_money" title="Quantity theory of money">quantity theory of money</a> protects the classical school from the conclusion Keynes expected from it.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Keynesian_unemployment"><span id="keynesianunemployment">Keynesian unemployment</span></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=10" title="Edit section: Keynesian unemployment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Saving_and_investment"><span id="saving">Saving and investment</span></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=11" title="Edit section: Saving and investment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Saving" title="Saving">Saving</a> is that part of income not devoted to <a href="/wiki/Consumption_(economics)" title="Consumption (economics)">consumption</a>, and consumption is that part of expenditure not allocated to <a href="/wiki/Investment_(macroeconomics)" title="Investment (macroeconomics)">investment</a>, i.e., to durable goods.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> Hence saving encompasses hoarding (the accumulation of income as cash) and the purchase of durable goods. The existence of net hoarding, or of a demand to hoard, is not admitted by the simplified liquidity preference model of the <i>General Theory</i>. </p><p>Once he rejects the classical theory that unemployment is due to excessive wages, Keynes proposes an alternative based on the relationship between saving and investment. In his view, unemployment arises whenever entrepreneurs' incentive to invest fails to keep pace with society's propensity to save (<i>propensity</i> is one of Keynes's synonyms for "demand"). The levels of saving and investment are necessarily equal, and income is therefore held down to a level where the desire to save is no greater than the incentive to invest. </p><p>The incentive to invest arises from the interplay between the physical circumstances of production and psychological anticipations of future profitability; but once these things are given the incentive is independent of income and depends solely on the rate of interest <i>r</i>. Keynes designates its value as a function of <i>r</i> as the "schedule of the <a href="/wiki/Marginal_efficiency_of_capital" title="Marginal efficiency of capital">marginal efficiency of capital</a>".<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p><p>The propensity to save behaves quite differently.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> Saving is simply that part of income not devoted to consumption, and: </p> <blockquote><p>... the prevailing psychological law seems to be that when aggregate income increases, consumption expenditure will also increase but to a somewhat lesser extent.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>Keynes adds that "this psychological law was of the utmost importance in the development of my own thought". </p> <div class="mw-heading mw-heading4"><h4 id="Liquidity_preference"><span id="liquiditypreference">Liquidity preference</span></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=12" title="Edit section: Liquidity preference"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size skin-invert-image" typeof="mw:File/Thumb"><a href="/wiki/File:Keynesp180.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/19/Keynesp180.svg/220px-Keynesp180.svg.png" decoding="async" width="220" height="377" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/19/Keynesp180.svg/330px-Keynesp180.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/19/Keynesp180.svg/440px-Keynesp180.svg.png 2x" data-file-width="242" data-file-height="415" /></a><figcaption>Determination of income according to the <i>General Theory</i></figcaption></figure> <p>Keynes viewed the <a href="/wiki/Money_supply" title="Money supply">money supply</a> as one of the main determinants of the state of the real economy. The significance he attributed to it is one of the innovative features of his work, and was influential on the politically hostile <a href="/wiki/Monetarism" title="Monetarism">monetarist school</a>. </p><p>Money supply comes into play through the <i><a href="/wiki/Liquidity_preference" title="Liquidity preference">liquidity preference</a></i> function, which is the demand function that corresponds to money supply. It specifies the amount of money people will seek to hold according to the state of the economy. In Keynes's first (and simplest) account – that of Chapter 13 – liquidity preference is determined solely by the <a href="/wiki/Interest" title="Interest">interest rates</a> <i>r</i>—which is seen as the earnings forgone by holding wealth in liquid form:<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> hence liquidity preference can be written <i>L</i>(<i>r</i> ) and in equilibrium must equal the externally fixed money supply <i>M̂</i>. </p> <div class="mw-heading mw-heading4"><h4 id="Keynes's_economic_model"><span id="Keynes.27s_economic_model"></span><span id="model">Keynes's economic model</span></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=13" title="Edit section: Keynes's economic model"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Money supply, saving and investment combine to determine the level of income as illustrated in the diagram,<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> where the top graph shows money supply (on the vertical axis) against interest rate. <i>M̂</i> determines the ruling interest rate <i>r̂</i> through the liquidity preference function. The rate of interest determines the level of investment <i>Î t</i>hrough the schedule of the marginal efficiency of capital, shown as a blue curve in the lower graph. The red curves in the same diagram show what the propensities to save are for different incomes <i>Y</i> ; and the income <i>Ŷ</i> corresponding to the equilibrium state of the economy must be the one for which the implied level of saving at the established interest rate is equal to <i>Î</i>. </p><p>In Keynes's more complicated liquidity preference theory (presented in Chapter 15) the demand for money depends on income as well as on the interest rate and the analysis becomes more complicated. Keynes never fully integrated his second liquidity preference doctrine with the rest of his theory, leaving that to <a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a>: see <a href="#islm">the IS-LM model</a> below. </p> <div class="mw-heading mw-heading4"><h4 id="Wage_rigidity"><span id="excessivewages">Wage rigidity</span></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=14" title="Edit section: Wage rigidity"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Keynes rejects the classical explanation of unemployment based on wage rigidity, but it is not clear what effect the wage rate has on unemployment in his system. He treats wages of all workers as proportional to a single rate set by collective bargaining, and chooses his units so that this rate never appears separately in his discussion. It is present implicitly in those quantities he expresses in <a href="/wiki/Wage_unit" title="Wage unit">wage units</a>, while being absent from those he expresses in money terms. It is therefore difficult to see whether, and in what way, his results differ for a different wage rate, nor is it clear what he thought about the matter. </p> <div class="mw-heading mw-heading3"><h3 id="Remedies_for_unemployment"><span id="remedies">Remedies for unemployment</span></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=15" title="Edit section: Remedies for unemployment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="Monetary_remedies"><span id="monetary">Monetary remedies</span></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=16" title="Edit section: Monetary remedies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>An increase in the money supply, according to Keynes's theory, leads to a drop in the interest rate and an increase in the amount of investment that can be undertaken profitably, bringing with it an increase in total income. </p> <div class="mw-heading mw-heading4"><h4 id="Fiscal_remedies"><span id="fiscal">Fiscal remedies</span></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=17" title="Edit section: Fiscal remedies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Keynes' name is associated with fiscal, rather than monetary, measures but they receive only passing (and often satirical) reference in the <i>General Theory</i>. He mentions "increased public works" as an example of something that brings employment through the <i>multiplier</i>,<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> but this is before he develops the relevant theory, and he does not follow up when he gets to the theory. </p><p>Later in the same chapter he tells us that: </p> <blockquote><p>Ancient Egypt was doubly fortunate, and doubtless owed to this its fabled wealth, in that it possessed two activities, namely, pyramid-building as well as the search for the precious metals, the fruits of which, since they could not serve the needs of man by being consumed, did not stale with abundance. The Middle Ages built cathedrals and sang dirges. Two pyramids, two masses for the dead, are twice as good as one; but not so two railways from London to York.</p></blockquote> <p>But again, he does not get back to his implied recommendation to engage in public works, even if not fully justified from their direct benefits, when he constructs the theory. On the contrary he later advises us that ... </p> <blockquote><p>... our final task might be to select those variables which can be deliberately controlled or managed by central authority in the kind of system in which we actually live ...<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>and this appears to look forward to a future publication rather than to a subsequent chapter of the <i>General Theory</i>. </p> <div class="mw-heading mw-heading2"><h2 id="Keynesian_models_and_concepts"><span id="concepts">Keynesian models and concepts</span></h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=18" title="Edit section: Keynesian models and concepts"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Aggregate_demand"><span id="aggregatedemand">Aggregate demand</span></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=19" title="Edit section: Aggregate demand"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size skin-invert-image" typeof="mw:File/Thumb"><a href="/wiki/File:Keynescross.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/23/Keynescross.svg/220px-Keynescross.svg.png" decoding="async" width="220" height="211" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/23/Keynescross.svg/330px-Keynescross.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/23/Keynescross.svg/440px-Keynescross.svg.png 2x" data-file-width="242" data-file-height="232" /></a><figcaption>Keynes–Samuelson cross</figcaption></figure> <p>Keynes' view of saving and investment was his most important departure from the classical outlook. It can be illustrated using the "<a href="/wiki/Keynesian_cross" title="Keynesian cross">Keynesian cross</a>" devised by <a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a>.<sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup> The horizontal axis denotes total income and the purple curve shows <i>C</i> (<i>Y</i> ), the propensity to consume, whose complement <i>S</i> (<i>Y</i> ) is the propensity to save: the sum of these two functions is equal to total income, which is shown by the broken line at 45°. </p><p>The horizontal blue line <i>I</i> (<i>r</i> ) is the schedule of the marginal efficiency of capital whose value is independent of <i>Y</i>. The schedule of the marginal efficiency of capital is dependent on the interest rate, specifically the interest rate cost of a new investment. If the interest rate charged by the financial sector to the productive sector is below the marginal efficiency of capital at that level of technology and capital intensity then investment is positive and grows the lower the interest rate is, given the diminishing return of capital. If the interest rate is above the marginal efficiency of capital then investment is equal to zero. Keynes interprets this as the demand for investment and denotes the sum of demands for consumption and investment as "<a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a>", plotted as a separate curve. Aggregate demand must equal total income, so equilibrium income must be determined by the point where the aggregate demand curve crosses the 45° line.<sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> This is the same horizontal position as the intersection of <i>I</i> (<i>r</i> ) with <i>S</i> (<i>Y</i> ). </p><p>The equation <i>I</i> (<i>r</i> ) = <i>S</i> (<i>Y</i> ) had been accepted by the classics, who had viewed it as the condition of equilibrium between supply and demand for investment funds and as determining the interest rate (see <a href="/wiki/Interest#classicalinterest" title="Interest">the classical theory of interest</a>). But insofar as they had had a concept of aggregate demand, they had seen the demand for investment as being given by <i>S</i> (<i>Y</i> ), since for them saving was simply the indirect purchase of capital goods, with the result that aggregate demand was equal to total income as an identity rather than as an equilibrium condition. Keynes takes note of this view in Chapter 2, where he finds it present in the early writings of <a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Alfred Marshall</a> but adds that "the doctrine is never stated to-day in this crude form". </p><p>The equation <i>I</i> (<i>r</i> ) = <i>S</i> (<i>Y</i> ) is accepted by Keynes for some or all of the following reasons: </p> <ul><li>As a consequence of the <i>principle of effective demand</i>, which asserts that aggregate demand must equal total income (Chapter 3).</li> <li>As a consequence of the identity of saving with investment (Chapter 6) together with the equilibrium assumption that these quantities are equal to their demands.</li> <li>In agreement with the substance of the classical theory of the investment funds market, whose conclusion he considers the classics to have misinterpreted through circular reasoning (Chapter 14).</li></ul> <div class="mw-heading mw-heading3"><h3 id="The_Keynesian_multiplier"><span id="multiplier">The Keynesian multiplier</span></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=20" title="Edit section: The Keynesian multiplier"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Keynes introduces his discussion of the multiplier in Chapter 10 with a reference to Kahn's earlier paper (see <a href="#multorigins">below</a>). He designates Kahn's multiplier the "employment multiplier" in distinction to his own "investment multiplier" and says that the two are only "a little different".<sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> Kahn's multiplier has consequently been understood by much of the Keynesian literature as playing a major role in Keynes's own theory, an interpretation encouraged by the difficulty of understanding Keynes's presentation. Kahn's multiplier gives the title ("The multiplier model") to the account of Keynesian theory in Samuelson's <i>Economics</i> and is almost as prominent in <a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a>'s <i>Guide to Keynes</i> and in <a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a>'s <i>Introduction to the Theory of Employment</i>. </p><p>Keynes states that there is ... </p> <blockquote><p>... a confusion between the logical theory of the multiplier, which holds good continuously, without time-lag ... and the consequence of an expansion in the capital goods industries which take gradual effect, subject to a time-lag, and only after an interval ...<sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>and implies that he is adopting the former theory.<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> And when the multiplier eventually emerges as a component of Keynes's theory (in Chapter 18) it turns out to be simply a measure of the change of one variable in response to a change in another. The schedule of the marginal efficiency of capital is identified as one of the independent variables of the economic system:<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> "What [it] tells us, is ... the point to which the output of new investment will be pushed ..."<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> The multiplier then gives "the ratio ... between an increment of investment and the corresponding increment of aggregate income".<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/G._L._S._Shackle" title="G. L. S. Shackle">G. L. S. Shackle</a> regarded Keynes' move away from Kahn's multiplier as ... </p> <blockquote><p>... a retrograde step ... For when we look upon the Multiplier as an instantaneous functional relation ... we are merely using the word Multiplier to stand for an alternative way of looking at the marginal propensity to consume ...,<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>which G. M. Ambrosi cites as an instance of "a Keynesian commentator who would have liked Keynes to have written something less 'retrograde<span style="padding-right:.15em;">'</span>".<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup> </p><p>The value Keynes assigns to his multiplier is the reciprocal of the marginal propensity to save: <i>k</i>  = 1 / <i>S</i> '(<i>Y</i> ). This is the same as the formula for Kahn's multiplier in a closed economy assuming that all saving (including the purchase of durable goods), and not just hoarding, constitutes leakage. Keynes gave his formula almost the status of a definition (it is put forward in advance of any explanation<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup>). His multiplier is indeed the value of "the ratio ... between an increment of investment and the corresponding increment of aggregate income" as Keynes derived it from his Chapter 13 model of liquidity preference, which implies that income must bear the entire effect of a change in investment. But under his Chapter 15 model a change in the schedule of the marginal efficiency of capital has an effect shared between the interest rate and income in proportions depending on the partial derivatives of the liquidity preference function. Keynes did not investigate the question of whether his formula for multiplier needed revision. </p> <div class="mw-heading mw-heading3"><h3 id="The_liquidity_trap"><span id="liquiditytrap">The liquidity trap</span></h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=21" title="Edit section: The liquidity trap"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size skin-invert-image" typeof="mw:File/Thumb"><a href="/wiki/File:Keynesliquiditytrap.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/be/Keynesliquiditytrap.svg/220px-Keynesliquiditytrap.svg.png" decoding="async" width="220" height="377" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/be/Keynesliquiditytrap.svg/330px-Keynesliquiditytrap.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/be/Keynesliquiditytrap.svg/440px-Keynesliquiditytrap.svg.png 2x" data-file-width="242" data-file-height="415" /></a><figcaption>The liquidity trap</figcaption></figure><p>The <a href="/wiki/Liquidity_trap" title="Liquidity trap">liquidity trap</a> is a phenomenon that may impede the effectiveness of monetary policies in reducing unemployment. </p><p>Economists generally think the rate of interest will not fall below a certain limit, often seen as zero or a slightly negative number. Keynes suggested that the limit might be appreciably greater than zero but did not attach much practical significance to it. The term "liquidity trap" was coined by <a href="/wiki/Dennis_Robertson_(economist)" title="Dennis Robertson (economist)">Dennis Robertson</a> in his comments on the <i>General Theory</i>,<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> but it was <a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a> in "<a href="/wiki/Mr_Keynes_and_the_Classics" class="mw-redirect" title="Mr Keynes and the Classics">Mr. Keynes and the Classics</a>"<sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup> who recognised the significance of a slightly different concept. </p><p>If the economy is in a position such that the liquidity preference curve is almost vertical, as must happen as the lower limit on <i>r</i> is approached, then a change in the money supply <i>M̂</i> makes almost no difference to the equilibrium rate of interest <i>r̂</i> or, unless there is compensating steepness in the other curves, to the resulting income <i>Ŷ</i>. As Hicks put it, "Monetary means will not force down the rate of interest any further." </p><p>Paul Krugman has worked extensively on the liquidity trap, claiming that it was the problem confronting the Japanese economy around the turn of the millennium.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> In his later words: </p> <blockquote><p>Short-term interest rates were close to zero, long-term rates were at historical lows, yet private investment spending remained insufficient to bring the economy out of deflation. In that environment, monetary policy was just as ineffective as Keynes described. Attempts by the Bank of Japan to increase the money supply simply added to already ample bank reserves and public holdings of cash...<sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading4"><h4 id="The_IS–LM_model"><span id="The_IS.E2.80.93LM_model"></span><span id="islm">The IS–LM model</span></h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=22" title="Edit section: The IS–LM model"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size skin-invert-image" typeof="mw:File/Thumb"><a href="/wiki/File:Keynesislm.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Keynesislm.svg/220px-Keynesislm.svg.png" decoding="async" width="220" height="209" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Keynesislm.svg/330px-Keynesislm.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6e/Keynesislm.svg/440px-Keynesislm.svg.png 2x" data-file-width="242" data-file-height="230" /></a><figcaption>IS–LM plot</figcaption></figure> <p>Hicks showed how to analyse Keynes' system when liquidity preference is a function of income as well as of the rate of interest. Keynes's admission of income as an influence on the demand for money is a step back in the direction of classical theory, and Hicks takes a further step in the same direction by generalizing the propensity to save to take both <i>Y</i> and <i>r</i> as arguments. Less classically he extends this generalization to the schedule of the marginal efficiency of capital. </p><p>The <a href="/wiki/IS%E2%80%93LM_model" title="IS–LM model">IS-LM model</a> uses two equations to express Keynes' model. The first, now written <i>I</i> (<i>Y</i>, <i>r</i> ) = <i>S</i> (<i>Y</i>,<i>r</i> ), expresses the principle of effective demand. We may construct a graph on (<i>Y</i>, <i>r</i> ) coordinates and draw a line connecting those points satisfying the equation: this is the <i>IS</i> curve. In the same way we can write the equation of equilibrium between liquidity preference and the money supply as <i>L</i>(<i>Y</i> ,<i>r</i> ) = <i>M̂</i> and draw a second curve – the <i>LM</i> curve – connecting points that satisfy it. The equilibrium values <i>Ŷ</i> of total income and <i>r̂</i> of interest rate are then given by the point of intersection of the two curves. </p><p>If we follow Keynes's initial account under which liquidity preference depends only on the interest rate <i>r</i>, then the <i>LM</i> curve is horizontal. </p><p><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a> commented that: </p> <blockquote><p>... modern teaching has been confused by J. R. Hicks' attempt to reduce the <i>General Theory</i> to a version of static equilibrium with the formula IS–LM. Hicks has now repented and changed his name from J. R. to John, but it will take a long time for the effects of his teaching to wear off.</p></blockquote> <p>Hicks subsequently relapsed.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (November 2021)">clarification needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Keynesian_economic_policies">Keynesian economic policies</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=23" title="Edit section: Keynesian economic policies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="Active_fiscal_policy">Active fiscal policy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=24" title="Edit section: Active fiscal policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid 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class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/40px-Text_document_with_red_question_mark.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/60px-Text_document_with_red_question_mark.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Text_document_with_red_question_mark.svg/80px-Text_document_with_red_question_mark.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section includes a list of <a href="/wiki/Wikipedia:Citing_sources#General_references" title="Wikipedia:Citing sources">general references</a>, but <b>it lacks sufficient corresponding <a href="/wiki/Wikipedia:Citing_sources#Inline_citations" title="Wikipedia:Citing sources">inline citations</a></b>.<span class="hide-when-compact"> Please help to <a href="/wiki/Wikipedia:WikiProject_Reliability" title="Wikipedia:WikiProject Reliability">improve</a> this section by <a href="/wiki/Wikipedia:When_to_cite" title="Wikipedia:When to cite">introducing</a> more precise citations.</span> <span class="date-container"><i>(<span class="date">October 2015</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Essay-like plainlinks metadata ambox ambox-style ambox-essay-like" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/40px-Edit-clear.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/60px-Edit-clear.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/80px-Edit-clear.svg.png 2x" data-file-width="48" data-file-height="48" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>is written like a <a href="/wiki/Wikipedia:What_Wikipedia_is_not#Wikipedia_is_not_a_publisher_of_original_thought" title="Wikipedia:What Wikipedia is not">personal reflection, personal essay, or argumentative essay</a></b> that states a Wikipedia editor's personal feelings or presents an original argument about a topic.<span class="hide-when-compact"> Please <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Keynesian_economics&action=edit">help improve it</a> by rewriting it in an <a href="/wiki/Wikipedia:Writing_better_articles#Information_style_and_tone" title="Wikipedia:Writing better articles">encyclopedic style</a>.</span> <span class="date-container"><i>(<span class="date">October 2015</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> </div> </div><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <figure class="mw-halign-right skin-invert-image" typeof="mw:File/Thumb"><a href="/wiki/File:Economic_Policy_-_Intervention_Strategy_Matrix.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a7/Economic_Policy_-_Intervention_Strategy_Matrix.png/350px-Economic_Policy_-_Intervention_Strategy_Matrix.png" decoding="async" width="350" height="263" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a7/Economic_Policy_-_Intervention_Strategy_Matrix.png/525px-Economic_Policy_-_Intervention_Strategy_Matrix.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a7/Economic_Policy_-_Intervention_Strategy_Matrix.png/700px-Economic_Policy_-_Intervention_Strategy_Matrix.png 2x" data-file-width="960" data-file-height="720" /></a><figcaption>Typical intervention strategies under different conditions</figcaption></figure> <p>Keynes argued that the solution to the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> was to stimulate the country ("incentive to invest") through some combination of two approaches: </p> <ol><li>A reduction in interest rates (monetary policy), and</li> <li>Government investment in infrastructure (fiscal policy).</li></ol> <p>If the interest rate at which businesses and consumers can borrow decreases, investments that were previously uneconomic become profitable, and large consumer sales normally financed through debt (such as houses, automobiles, and, historically, even appliances like refrigerators) become more affordable. A principal function of <a href="/wiki/Central_bank" title="Central bank">central banks</a> in countries that have them is to influence this interest rate through a variety of mechanisms collectively called <i>monetary policy</i>. This is how monetary policy that reduces interest rates is thought to stimulate economic activity, i.e., "grow the economy"—and why it is called <i>expansionary</i> monetary policy. </p><p>Expansionary fiscal policy consists of increasing net public spending, which the government can effect by a) taxing less, b) spending more, or c) both. Investment and consumption by government raises demand for businesses' products and for employment, reversing the effects of the aforementioned imbalance. If desired spending exceeds revenue, the government finances the difference by borrowing from <a href="/wiki/Capital_market" title="Capital market">capital markets</a> by issuing government bonds. This is called deficit spending. Two points are important to note at this point. First, deficits are not required for expansionary fiscal policy, and second, it is only <i>change</i> in net spending that can stimulate or depress the economy. For example, if a government ran a deficit of 10% both last year and this year, this would represent neutral fiscal policy. In fact, if it ran a deficit of 10% last year and 5% this year, this would actually be contractionary. On the other hand, if the government ran a surplus of 10% of GDP last year and 5% this year, that would be expansionary fiscal policy, despite never running a deficit at all. </p><p>But – contrary to some critical characterizations of it – Keynesianism does not consist solely of <a href="/wiki/Deficit_spending" title="Deficit spending">deficit spending</a>, since it recommends adjusting fiscal policies according to cyclical circumstances.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> An example of a counter-cyclical policy is raising taxes to cool the economy and to prevent inflation when there is abundant demand-side growth, and engaging in deficit spending on labour-intensive infrastructure projects to stimulate employment and stabilize wages during economic downturns. </p><p>Keynes's ideas influenced <a href="/wiki/Franklin_D._Roosevelt" title="Franklin D. Roosevelt">Franklin D. Roosevelt</a>'s view that insufficient buying-power caused the Depression. During his presidency, Roosevelt adopted some aspects of Keynesian economics, especially after 1937, when, in the depths of the Depression, the United States suffered from recession yet again following fiscal contraction. But to many the true success of Keynesian policy can be seen at the onset of <a href="/wiki/World_War_II" title="World War II">World War II</a>, which provided a kick to the world economy, removed uncertainty, and forced the rebuilding of destroyed capital. Keynesian ideas became almost official in <a href="/wiki/Social_democracy" title="Social democracy">social-democratic</a> Europe after the war and in the U.S. in the 1960s. </p><p>The Keynesian advocacy of deficit spending contrasted with the <a href="/wiki/Classical_economics" title="Classical economics">classical</a> and <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical</a> economic analysis of fiscal policy. They admitted that fiscal stimulus could actuate production. But, to these schools, there was no reason to believe that this stimulation would outrun the side-effects that "<a href="/wiki/Crowding_out_(economics)" title="Crowding out (economics)">crowd out</a>" private investment: first, it would increase the demand for labour and raise wages, hurting <a href="/wiki/Rate_of_profit" title="Rate of profit">profitability</a>; Second, a government deficit increases the stock of government bonds, reducing their market price and encouraging high <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a>, making it more expensive for business to finance <a href="/wiki/Fixed_investment" title="Fixed investment">fixed investment</a>. Thus, efforts to stimulate the economy would be self-defeating. </p><p>The Keynesian response is that such fiscal policy is appropriate only when unemployment is persistently high, above the <a href="/wiki/NAIRU" title="NAIRU">non-accelerating inflation rate of unemployment</a> (NAIRU). In that case, crowding out is minimal. Further, private investment can be "crowded in": Fiscal stimulus raises the market for business output, raising cash flow and profitability, spurring business optimism. To Keynes, this <a href="/wiki/Accelerator_effect" title="Accelerator effect">accelerator effect</a> meant that government and business could be <i><a href="/wiki/Complement_good" class="mw-redirect" title="Complement good">complements</a></i> rather than <a href="/wiki/Substitute_good" title="Substitute good">substitutes</a> in this situation. </p><p>Second, as the stimulus occurs, gross domestic product rises—raising the amount of <a href="/wiki/Saving" title="Saving">saving</a>, helping to finance the increase in fixed investment. Finally, government outlays need not always be wasteful: government investment in <a href="/wiki/Public_good_(economics)" class="mw-redirect" title="Public good (economics)">public goods</a> that is not provided by profit-seekers encourages the private sector's growth. That is, government spending on such things as basic research, public health, education, and infrastructure could help the long-term growth of <i><a href="/wiki/Potential_output" title="Potential output">potential output</a></i>. </p><p>In Keynes's theory, there must be significant <a href="/wiki/Unemployment#Cyclical_unemployment" title="Unemployment">slack in the labour market</a> before <a href="/wiki/Deficit_spending" title="Deficit spending">fiscal expansion</a> is justified. </p><p>Keynesian economists believe that adding to profits and incomes during boom cycles through tax cuts, and removing income and profits from the economy through cuts in spending during downturns, tends to exacerbate the negative effects of the business cycle. This effect is especially pronounced when the government controls a large fraction of the economy, as increased tax revenue may aid investment in state enterprises in downturns, and decreased state revenue and investment harm those enterprises. </p> <div class="mw-heading mw-heading3"><h3 id="Views_on_trade_imbalance">Views on trade imbalance</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=25" title="Edit section: Views on trade imbalance"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the last few years of his life, <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> was much preoccupied with the question of balance in international trade. He was the leader of the British delegation to the <a href="/wiki/United_Nations_Monetary_and_Financial_Conference" class="mw-redirect" title="United Nations Monetary and Financial Conference">United Nations Monetary and Financial Conference</a> in 1944 that established the <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> of international currency management. He was the principal author of a proposal – the so-called Keynes Plan – for an <a href="/wiki/International_Clearing_Union" title="International Clearing Union">International Clearing Union</a>. The two governing principles of the plan were that the problem of settling outstanding balances should be solved by 'creating' additional 'international money', and that debtor and creditor should be treated almost alike as disturbers of equilibrium. In the event, though, the plans were rejected, in part because "American opinion was naturally reluctant to accept the principle of equality of treatment so novel in debtor-creditor relationships".<sup id="cite_ref-79" class="reference"><a href="#cite_note-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> </p><p>The new system is not founded on free trade (liberalization<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> of foreign trade<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup>) but rather on regulating international trade to eliminate trade imbalances. Nations with a surplus would have a powerful incentive to get rid of it, which would automatically clear other nations' deficits.<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> Keynes proposed a global bank that would issue its own currency—the <i>bancor</i>—which was exchangeable with national currencies at fixed rates of exchange and would become the unit of account between nations, which means it would be used to measure a country's trade deficit or trade surplus. Every country would have an overdraft facility in its bancor account at the International Clearing Union. He pointed out that surpluses lead to weak global aggregate demand – countries running surpluses exert a "negative externality" on trading partners, and posed far more than those in deficit, a threat to global prosperity. Keynes thought that surplus countries should be taxed to avoid trade imbalances.<sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> In <i>"National Self-Sufficiency" The Yale Review, Vol. 22, no. 4 (June 1933)</i>,<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-85" class="reference"><a href="#cite_note-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> he already highlighted the problems created by free trade. </p><p>His view, supported by many economists and commentators at the time, was that creditor nations may be just as responsible as debtor nations for disequilibrium in exchanges and that both should be under an obligation to bring trade back into a state of balance. Failure for them to do so could have serious consequences. In the words of <a href="/wiki/Geoffrey_Crowther,_Baron_Crowther" title="Geoffrey Crowther, Baron Crowther">Geoffrey Crowther</a>, then editor of <a href="/wiki/The_Economist" title="The Economist">The Economist</a>, "If the economic relationships between nations are not, by one means or another, brought fairly close to balance, then there is no set of financial arrangements that can rescue the world from the impoverishing results of chaos."<sup id="cite_ref-86" class="reference"><a href="#cite_note-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> </p><p>These ideas were informed by events prior to the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> when – in the opinion of Keynes and others – international lending, primarily by the U.S., exceeded the capacity of sound investment and so got diverted into non-productive and speculative uses, which in turn invited default and a sudden stop to the process of lending.<sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup> </p><p>Influenced by Keynes, economic texts in the immediate post-war period put a significant emphasis on balance in trade. For example, the second edition of the popular introductory textbook, <i>An Outline of Money</i>,<sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> devoted the last three of its ten chapters to questions of foreign exchange management and in particular the 'problem of balance'. However, in more recent years, since the end of the <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> in 1971, with the increasing influence of <a href="/wiki/Monetarist" class="mw-redirect" title="Monetarist">Monetarist</a> schools of thought in the 1980s, and particularly in the face of large sustained trade imbalances, these concerns – and particularly concerns about the destabilizing effects of large trade surpluses – have largely disappeared from <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream economics</a> discourse<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup> and Keynes' insights have slipped from view.<sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> They are receiving some attention again in the wake of the <a href="/wiki/Financial_crisis_of_2007%E2%80%9308" class="mw-redirect" title="Financial crisis of 2007–08">financial crisis of 2007–08</a>.<sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Views_on_free_trade_and_protectionism">Views on free trade and protectionism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=26" title="Edit section: Views on free trade and protectionism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading4"><h4 id="The_turning_point_of_the_Great_Depression">The turning point of the Great Depression</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=27" title="Edit section: The turning point of the Great Depression"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>At the beginning of his career, Keynes was an economist close to <a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Alfred Marshall</a>, deeply convinced of the benefits of free trade. From the crisis of 1929 onwards, noting the commitment of the British authorities to defend the gold parity of the pound sterling and the rigidity of nominal wages, he gradually adhered to protectionist measures.<sup id="cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-0" class="reference"><a href="#cite_note-J.M._Keynes,_free_trade_and_protectionism-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> </p><p>On 5 November 1929, when heard by the <a href="/wiki/Macmillan_Committee" title="Macmillan Committee">Macmillan Committee</a> to bring the British economy out of the crisis, Keynes indicated that the introduction of tariffs on imports would help to rebalance the trade balance. The committee's report states in a section entitled "import control and export aid", that in an economy where there is not full employment, the introduction of tariffs can improve production and employment. Thus the reduction of the trade deficit favours the country's growth.<sup id="cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-1" class="reference"><a href="#cite_note-J.M._Keynes,_free_trade_and_protectionism-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> </p><p>In January 1930, in the Economic Advisory Council, Keynes proposed the introduction of a system of protection to reduce imports. In the autumn of 1930, he proposed a uniform tariff of 10% on all imports and subsidies of the same rate for all exports.<sup id="cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-2" class="reference"><a href="#cite_note-J.M._Keynes,_free_trade_and_protectionism-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> In the <i>Treatise on Money</i>, published in the autumn of 1930, he took up the idea of tariffs or other trade restrictions with the aim of reducing the volume of imports and rebalancing the balance of trade.<sup id="cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-3" class="reference"><a href="#cite_note-J.M._Keynes,_free_trade_and_protectionism-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> </p><p>On 7 March 1931, in the <i><a href="/wiki/New_Statesman_and_Nation" class="mw-redirect" title="New Statesman and Nation">New Statesman and Nation</a></i>, he wrote an article entitled <i>Proposal for a Tariff Revenue</i>. He pointed out that the reduction of wages led to a reduction in national demand which constrained markets. Instead, he proposes the idea of an expansionary policy combined with a tariff system to neutralize the effects on the balance of trade. The application of customs tariffs seemed to him "unavoidable, whoever the Chancellor of the Exchequer might be". Thus, for Keynes, an economic recovery policy is only fully effective if the trade deficit is eliminated. He proposed a 15% tax on manufactured and semi-manufactured goods and 5% on certain foodstuffs and raw materials, with others needed for exports exempted (wool, cotton).<sup id="cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-4" class="reference"><a href="#cite_note-J.M._Keynes,_free_trade_and_protectionism-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> </p><p>In 1932, in an article entitled <i>The Pro- and Anti-Tariffs</i>, published in <i><a href="/wiki/The_Listener_(magazine)" title="The Listener (magazine)">The Listener</a></i>, he envisaged the protection of farmers and certain sectors such as the automobile and iron and steel industries, considering them indispensable to Britain.<sup id="cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-5" class="reference"><a href="#cite_note-J.M._Keynes,_free_trade_and_protectionism-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="The_critique_of_the_theory_of_comparative_advantage">The critique of the theory of comparative advantage</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=28" title="Edit section: The critique of the theory of comparative advantage"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the post-crisis situation of 1929, Keynes judged the assumptions of the free trade model unrealistic. He criticized, for example, the neoclassical assumption of wage adjustment.<sup id="cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-6" class="reference"><a href="#cite_note-J.M._Keynes,_free_trade_and_protectionism-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-The_non-neoclassical_foundations_of_protectionism_93-0" class="reference"><a href="#cite_note-The_non-neoclassical_foundations_of_protectionism-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> </p><p>As early as 1930, in a note to the Economic Advisory Council, he doubted the intensity of the gain from specialization in the case of manufactured goods. While participating in the MacMillan Committee, he admitted that he no longer "believed in a very high degree of national specialisation" and refused to "abandon any industry which is unable, for the moment, to survive". He also criticized the static dimension of the theory of comparative advantage, which, in his view, by fixing comparative advantages definitively, led in practice to a waste of national resources.<sup id="cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-7" class="reference"><a href="#cite_note-J.M._Keynes,_free_trade_and_protectionism-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-The_non-neoclassical_foundations_of_protectionism_93-1" class="reference"><a href="#cite_note-The_non-neoclassical_foundations_of_protectionism-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> </p><p>In the Daily Mail of 13 March 1931, he called the assumption of perfect sectoral labour mobility "nonsense" since it states that a person made unemployed contributes to a reduction in the wage rate until he finds a job. But for Keynes, this change of job may involve costs (job search, training) and is not always possible. Generally speaking, for Keynes, the assumptions of full employment and automatic return to equilibrium discredit the theory of comparative advantage.<sup id="cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-8" class="reference"><a href="#cite_note-J.M._Keynes,_free_trade_and_protectionism-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-The_non-neoclassical_foundations_of_protectionism_93-2" class="reference"><a href="#cite_note-The_non-neoclassical_foundations_of_protectionism-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> </p><p>In July 1933, he published an article in the <i>New Statesman and Nation</i> entitled <i>National Self-Sufficiency</i>, in which he criticized the argument of the specialization of economies, which is the basis of free trade. He thus proposed the search for a certain degree of self-sufficiency. Instead of the specialization of economies advocated by the Ricardian theory of comparative advantage, he prefers the maintenance of a diversity of activities for nations.<sup id="cite_ref-The_non-neoclassical_foundations_of_protectionism_93-3" class="reference"><a href="#cite_note-The_non-neoclassical_foundations_of_protectionism-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> In it he refutes the principle of peacemaking trade. His vision of trade became that of a system where foreign capitalists compete for new markets. He defends the idea of producing on national soil when possible and reasonable and expresses sympathy for the advocates of <a href="/wiki/Protectionism" title="Protectionism">protectionism</a>.<sup id="cite_ref-National_Self-Sufficiency_94-0" class="reference"><a href="#cite_note-National_Self-Sufficiency-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup> He notes in <i>National Self-Sufficiency</i>:<sup id="cite_ref-National_Self-Sufficiency_94-1" class="reference"><a href="#cite_note-National_Self-Sufficiency-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-9" class="reference"><a href="#cite_note-J.M._Keynes,_free_trade_and_protectionism-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>A considerable degree of international specialization is necessary in a rational world in all cases where it is dictated by wide differences of climate, natural resources, native aptitudes, level of culture and density of population. But over an increasingly wide range of industrial products, and perhaps of agricultural products also, I have become doubtful whether the economic loss of national self-sufficiency is great enough to outweigh the other advantages of gradually bringing the product and the consumer within the ambit of the same national, economic, and financial organization. Experience accumulates to prove that most modern processes of mass production can be performed in most countries and climates with almost equal efficiency.</p></blockquote><p> He also writes in <i>National Self-Sufficiency</i>:<sup id="cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-10" class="reference"><a href="#cite_note-J.M._Keynes,_free_trade_and_protectionism-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"></p><blockquote class="templatequote"><p>I sympathize, therefore, with those who would minimize, rather than with those who would maximize, economic entanglement among nations. Ideas, knowledge, science, hospitality, travel—these are the things which should of their nature be international. But let goods be homespun whenever it is reasonably and conveniently possible, and, above all, let finance be primarily national.</p></blockquote> <p>Later, Keynes had a written correspondence with <a href="/wiki/James_Meade" title="James Meade">James Meade</a> centred on the issue of import restrictions. Keynes and Meade discussed the best choice between quota and tariff. In March 1944 Keynes began a discussion with <a href="/wiki/Marcus_Fleming" title="Marcus Fleming">Marcus Fleming</a> after the latter had written an article entitled <i>Quotas versus depreciation</i>. On this occasion, we see that he has definitely taken a protectionist stance after the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>. He considered that quotas could be more effective than currency depreciation in dealing with external imbalances. Thus, for Keynes, currency depreciation was no longer sufficient, and protectionist measures became necessary to avoid trade deficits. To avoid the return of crises due to a self-regulating economic system, it seemed essential to him to regulate trade and stop free trade (deregulation of foreign trade).<sup id="cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-11" class="reference"><a href="#cite_note-J.M._Keynes,_free_trade_and_protectionism-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> </p><p>He points out that countries that import more than they export weaken their economies. When the trade deficit increases, unemployment rises and GDP slows down. And surplus countries exert a "negative externality" on their trading partners. They get richer at the expense of others and destroy the output of their trading partners. John Maynard Keynes believed that the products of surplus countries should be taxed to avoid trade imbalances.<sup id="cite_ref-95" class="reference"><a href="#cite_note-95"><span class="cite-bracket">[</span>95<span class="cite-bracket">]</span></a></sup> Thus he no longer believes in the theory of <a href="/wiki/Comparative_advantage" title="Comparative advantage">comparative advantage</a> (on which free trade is based) which states that the trade deficit does not matter, since trade is mutually beneficial. This also explains his desire to replace the liberalization of international trade (<a href="/wiki/Free_Trade" class="mw-redirect" title="Free Trade">Free Trade</a>) with a regulatory system aimed at eliminating trade imbalances in his proposals for the <a href="/wiki/Bretton_Woods_Agreement" class="mw-redirect" title="Bretton Woods Agreement">Bretton Woods Agreement</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2021)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading2"><h2 id="Postwar_Keynesianism">Postwar Keynesianism</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=29" title="Edit section: Postwar Keynesianism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-Keynesian economics</a>, <a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New Keynesian economics</a>, and <a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesian economics</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Post-war_consensus" title="Post-war consensus">Post-war consensus</a>, <a href="/wiki/Embedded_liberalism" title="Embedded liberalism">Embedded liberalism</a>, and <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a></div> <p>Keynes's ideas became widely accepted after <a href="/wiki/World_War_II" title="World War II">World War II</a>, and until the early 1970s, Keynesian economics provided the main inspiration for economic policy makers in Western industrialized countries.<sup id="cite_ref-K_rev._and_critics_6-1" class="reference"><a href="#cite_note-K_rev._and_critics-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Governments prepared high quality economic statistics on an ongoing basis and tried to base their policies on the Keynesian theory that had become the norm. In the early era of <a href="/wiki/Social_liberalism" title="Social liberalism">social liberalism</a> and <a href="/wiki/Social_democracy" title="Social democracy">social democracy</a>, most western capitalist countries enjoyed low, stable unemployment and modest inflation, an era called the <a href="/wiki/Golden_Age_of_Capitalism" class="mw-redirect" title="Golden Age of Capitalism">Golden Age of Capitalism</a>. </p><p>In terms of policy, the twin tools of post-war Keynesian economics were fiscal policy and monetary policy. While these are credited to Keynes, others, such as economic historian <a href="/wiki/David_Colander" title="David Colander">David Colander</a>, argue that they are, rather, due to the interpretation of Keynes by <a href="/wiki/Abba_P._Lerner" title="Abba P. Lerner">Abba Lerner</a> in his theory of <a href="/wiki/Functional_finance" title="Functional finance">functional finance</a>, and should instead be called "Lernerian" rather than "Keynesian".<sup id="cite_ref-96" class="reference"><a href="#cite_note-96"><span class="cite-bracket">[</span>96<span class="cite-bracket">]</span></a></sup> </p><p>Through the 1950s, moderate degrees of government demand leading industrial development, and use of fiscal and monetary counter-cyclical policies continued, and reached a peak in the "go go" 1960s, where it seemed to many Keynesians that prosperity was now permanent. In 1971, Republican US President <a href="/wiki/Richard_Nixon" title="Richard Nixon">Richard Nixon</a> even proclaimed "<a href="/wiki/We_are_all_Keynesians_now" title="We are all Keynesians now">I am now a Keynesian in economics</a>."<sup id="cite_ref-Keyn2_97-0" class="reference"><a href="#cite_note-Keyn2-97"><span class="cite-bracket">[</span>97<span class="cite-bracket">]</span></a></sup> </p><p>Beginning in the late 1960s, a <a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">new classical macroeconomics</a> movement arose, critical of Keynesian assumptions (see <a href="/wiki/Sticky_Prices" class="mw-redirect" title="Sticky Prices">sticky prices</a>), and seemed, especially in the 1970s, to explain certain phenomena better. It was characterized by explicit and rigorous adherence to <a href="/wiki/Microfoundations" title="Microfoundations">microfoundations</a>, as well as use of increasingly sophisticated mathematical modelling. </p><p>With the <a href="/wiki/1973_oil_crisis" title="1973 oil crisis">oil shock of 1973</a>, and the economic problems of the 1970s, Keynesian economics began to fall out of favour. During this time, many economies experienced high and rising unemployment, coupled with high and rising inflation, contradicting the <a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a>'s prediction. This <a href="/wiki/Stagflation" title="Stagflation">stagflation</a> meant that the simultaneous application of expansionary (anti-recession) and contractionary (anti-inflation) policies appeared necessary. This dilemma led to the end of the Keynesian near-consensus of the 1960s, and the rise throughout the 1970s of ideas based upon more classical analysis, including <a href="/wiki/Monetarism" title="Monetarism">monetarism</a>, <a href="/wiki/Supply-side_economics" title="Supply-side economics">supply-side economics</a>,<sup id="cite_ref-Keyn2_97-1" class="reference"><a href="#cite_note-Keyn2-97"><span class="cite-bracket">[</span>97<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/New_classical_economics" class="mw-redirect" title="New classical economics">new classical economics</a>. </p><p>However, by the late 1980s, certain failures of the new classical models, both theoretical (see <a href="/wiki/Real_business_cycle_theory" class="mw-redirect" title="Real business cycle theory">Real business cycle theory</a>) and empirical (see <a href="/wiki/Early_1980s_recession_in_the_United_States" title="Early 1980s recession in the United States">the "Volcker recession"</a>)<sup id="cite_ref-98" class="reference"><a href="#cite_note-98"><span class="cite-bracket">[</span>98<span class="cite-bracket">]</span></a></sup> hastened the emergence of <a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New Keynesian economics</a>, a school that sought to unite the most realistic aspects of Keynesian and neo-classical assumptions and place them on more rigorous theoretical foundation than ever before. </p><p>One line of thinking, utilized also as a critique of the notably high unemployment and potentially disappointing GNP growth rates associated with the new classical models by the mid-1980s, was to emphasize low unemployment and maximal economic growth at the cost of somewhat higher inflation (its consequences kept in check by indexing and other methods, and its overall rate kept lower and steadier by such potential policies as Martin Weitzman's <a href="/wiki/Martin_Weitzman#Research" title="Martin Weitzman">share economy</a>).<sup id="cite_ref-99" class="reference"><a href="#cite_note-99"><span class="cite-bracket">[</span>99<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Schools">Schools</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=30" title="Edit section: Schools"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Multiple <a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">schools of economic thought</a> that trace their legacy to Keynes currently exist, the notable ones being <a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">neo-Keynesian economics</a>, <a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New Keynesian economics</a>, <a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">post-Keynesian economics</a>, and the <a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">new neoclassical synthesis</a>. Keynes's biographer <a href="/wiki/Robert_Skidelsky" title="Robert Skidelsky">Robert Skidelsky</a> writes that the post-Keynesian school has remained closest to the spirit of Keynes's work in following his monetary theory and rejecting the <a href="/wiki/Neutrality_of_money" title="Neutrality of money">neutrality of money</a>.<sup id="cite_ref-100" class="reference"><a href="#cite_note-100"><span class="cite-bracket">[</span>100<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-101" class="reference"><a href="#cite_note-101"><span class="cite-bracket">[</span>101<span class="cite-bracket">]</span></a></sup> Today these ideas, regardless of provenance, are referred to in academia under the rubric of "Keynesian economics", due to Keynes's role in consolidating, elaborating, and popularizing them. </p><p>In the postwar era, Keynesian analysis was combined with neoclassical economics to produce what is generally termed the "<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical synthesis</a>", yielding <a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">neo-Keynesian economics</a>, which dominated <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream macroeconomic thought</a>. Though it was widely held that there was no strong automatic tendency to full employment, many believed that if government policy were used to ensure it, the economy would behave as neoclassical theory predicted. This post-war domination by neo-Keynesian economics was broken during the <a href="/wiki/Stagflation" title="Stagflation">stagflation</a> of the 1970s.<sup id="cite_ref-102" class="reference"><a href="#cite_note-102"><span class="cite-bracket">[</span>102<span class="cite-bracket">]</span></a></sup> There was a lack of consensus among macroeconomists in the 1980s, and during this period <a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New Keynesian economics</a> was developed, ultimately becoming- along with <a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">new classical macroeconomics</a>- a part of the current consensus, known as the <a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">new neoclassical synthesis</a>.<sup id="cite_ref-103" class="reference"><a href="#cite_note-103"><span class="cite-bracket">[</span>103<span class="cite-bracket">]</span></a></sup> </p><p>Post-Keynesian economists, on the other hand, reject the neoclassical synthesis and, in general, neoclassical economics applied to the macroeconomy. Post-Keynesian economics is a <a href="/wiki/Heterodox_economics" title="Heterodox economics">heterodox school</a> that holds that both neo-Keynesian economics and New Keynesian economics are incorrect, and a misinterpretation of Keynes's ideas. The post-Keynesian school encompasses a variety of perspectives, but has been far less influential than the other more mainstream Keynesian schools.<sup id="cite_ref-104" class="reference"><a href="#cite_note-104"><span class="cite-bracket">[</span>104<span class="cite-bracket">]</span></a></sup> </p><p>Interpretations of Keynes have emphasized his stress on the international coordination of Keynesian policies, the need for international economic institutions, and the ways in which economic forces could lead to war or could promote peace.<sup id="cite_ref-105" class="reference"><a href="#cite_note-105"><span class="cite-bracket">[</span>105<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Keynesianism_and_liberalism">Keynesianism and liberalism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=31" title="Edit section: Keynesianism and liberalism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In a 2014 paper, economist <a href="/wiki/Alan_Blinder" title="Alan Blinder">Alan Blinder</a> argues that, "for not very good reasons", public opinion in the United States has associated Keynesianism with liberalism, and he states that such is incorrect. For example, both Presidents <a href="/wiki/Presidency_of_Ronald_Reagan" title="Presidency of Ronald Reagan">Ronald Reagan (1981–89)</a> and <a href="/wiki/Presidency_of_George_W._Bush" title="Presidency of George W. Bush">George W. Bush (2001–09)</a> supported policies that were, in fact, Keynesian, even though both men were conservative leaders. And tax cuts can provide highly helpful fiscal stimulus during a recession, just as much as infrastructure spending can. Blinder concludes: "If you are not teaching your students that 'Keynesianism' is neither conservative nor liberal, you should be."<sup id="cite_ref-What_Did_We_Learn_from_the_Financial_Crisis_[2008],_the_Great_Recession,_and_the_Pathetic_Recovery?,_Nov._2014_106-0" class="reference"><a href="#cite_note-What_Did_We_Learn_from_the_Financial_Crisis_[2008],_the_Great_Recession,_and_the_Pathetic_Recovery?,_Nov._2014-106"><span class="cite-bracket">[</span>106<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Other_schools_of_economic_thought">Other schools of economic thought</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=32" title="Edit section: Other schools of economic thought"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The Keynesian schools of economics are situated alongside a number of other schools that have the same perspectives on what the economic issues are, but differ on what causes them and how best to resolve them. Today, most of these schools of thought have been subsumed into modern macroeconomic theory. </p> <div class="mw-heading mw-heading3"><h3 id="Stockholm_School">Stockholm School</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=33" title="Edit section: Stockholm School"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm school (economics)</a></div> <p>The <a href="/wiki/Stockholm_school" class="mw-redirect" title="Stockholm school">Stockholm school</a> rose to prominence at about the same time that Keynes published his General Theory and shared a common concern in business cycles and unemployment. The second generation of Swedish economists also advocated government intervention through spending during economic downturns<sup id="cite_ref-107" class="reference"><a href="#cite_note-107"><span class="cite-bracket">[</span>107<span class="cite-bracket">]</span></a></sup> although opinions are divided over whether they conceived the essence of Keynes's theory before he did.<sup id="cite_ref-108" class="reference"><a href="#cite_note-108"><span class="cite-bracket">[</span>108<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Monetarism">Monetarism</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=34" title="Edit section: Monetarism"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Monetarism" title="Monetarism">Monetarism</a></div> <p>There was debate between <a href="/wiki/Monetarism" title="Monetarism">monetarists</a> and Keynesians in the 1960s over the role of government in stabilizing the economy. Both monetarists and Keynesians agree that issues such as business cycles, unemployment, and deflation are caused by inadequate demand. However, they had fundamentally different perspectives on the capacity of the economy to find its own equilibrium, and the degree of government intervention that would be appropriate. Keynesians emphasized the use of <a href="/wiki/Discretionary_policy" title="Discretionary policy">discretionary fiscal policy and monetary policy</a>, while monetarists argued the primacy of monetary policy, and that it should be rules-based.<sup id="cite_ref-109" class="reference"><a href="#cite_note-109"><span class="cite-bracket">[</span>109<span class="cite-bracket">]</span></a></sup> </p><p>The debate was largely resolved in the 1980s. Since then, economists have largely agreed that central banks should bear the primary responsibility for stabilizing the economy, and that monetary policy should largely follow the <a href="/wiki/Taylor_rule" title="Taylor rule">Taylor rule</a> – which many economists credit with the <a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>.<sup id="cite_ref-110" class="reference"><a href="#cite_note-110"><span class="cite-bracket">[</span>110<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-111" class="reference"><a href="#cite_note-111"><span class="cite-bracket">[</span>111<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/Financial_crisis_of_2007%E2%80%9308" class="mw-redirect" title="Financial crisis of 2007–08">financial crisis of 2007–08</a>, however, has convinced many economists and governments of the need for fiscal interventions and highlighted the difficulty in stimulating economies through monetary policy alone during a <a href="/wiki/Liquidity_trap" title="Liquidity trap">liquidity trap</a>.<sup id="cite_ref-112" class="reference"><a href="#cite_note-112"><span class="cite-bracket">[</span>112<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Marxism_and_Public_choice">Marxism and Public choice</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=35" title="Edit section: Marxism and Public choice"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Marxian_economics" title="Marxian economics">Marxian economics</a> and <a href="/wiki/Public_choice" title="Public choice">Public choice</a></div> <p>Some Marxist economists criticized Keynesian economics.<sup id="cite_ref-113" class="reference"><a href="#cite_note-113"><span class="cite-bracket">[</span>113<span class="cite-bracket">]</span></a></sup> For example, in his 1946 appraisal<sup id="cite_ref-114" class="reference"><a href="#cite_note-114"><span class="cite-bracket">[</span>114<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Paul_Sweezy" title="Paul Sweezy">Paul Sweezy</a>—while admitting that there was much in the <i>General Theory'</i>s analysis of effective demand that Marxists could draw on—described Keynes as a prisoner of his neoclassical upbringing. Sweezy argued that Keynes had never been able to view the capitalist system as a totality. He argued that Keynes regarded the class struggle carelessly, and overlooked the class role of the capitalist state, which he treated as a <i><a href="/wiki/Deus_ex_machina" title="Deus ex machina">deus ex machina</a></i>, and some other points. While <a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a> was generally enthusiastic about the <a href="/wiki/Keynesian_revolution" class="mw-redirect" title="Keynesian revolution">Keynesian revolution</a>, he predicted that it would not endure, in his article "Political Aspects of Full Employment". In the article Kalecki predicted that the full employment delivered by Keynesian policy would eventually lead to a more assertive working class and weakening of the social position of business leaders, causing the elite to use their political power to force the displacement of the Keynesian policy even though profits would be higher than under a laissez faire system: The elites would not care about risking the higher profits in the pursuit of reclaiming prestige in the society and the political power.<sup id="cite_ref-115" class="reference"><a href="#cite_note-115"><span class="cite-bracket">[</span>115<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">James M. Buchanan</a><sup id="cite_ref-116" class="reference"><a href="#cite_note-116"><span class="cite-bracket">[</span>116<span class="cite-bracket">]</span></a></sup> criticized Keynesian economics on the grounds that governments would in practice be unlikely to implement theoretically optimal policies. The <a href="/wiki/Implicit_assumption" class="mw-redirect" title="Implicit assumption">implicit assumption</a> underlying the Keynesian fiscal revolution, according to Buchanan, was that economic policy would be made by wise men, acting without regard to political pressures or opportunities, and guided by disinterested economic technocrats. He argued that this was an unrealistic assumption about political, bureaucratic and electoral behaviour. Buchanan blamed Keynesian economics for what he considered a decline in America's fiscal discipline.<sup id="cite_ref-117" class="reference"><a href="#cite_note-117"><span class="cite-bracket">[</span>117<span class="cite-bracket">]</span></a></sup> Buchanan argued that deficit spending would evolve into a permanent disconnect between spending and revenue, precisely because it brings short-term gains, so, ending up institutionalizing irresponsibility in the federal government, the largest and most central institution in our society.<sup id="cite_ref-118" class="reference"><a href="#cite_note-118"><span class="cite-bracket">[</span>118<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Martin_Feldstein" title="Martin Feldstein">Martin Feldstein</a> argues that the legacy of Keynesian economics–the misdiagnosis of unemployment, the fear of saving, and the unjustified government intervention–affected the fundamental ideas of policy makers.<sup id="cite_ref-119" class="reference"><a href="#cite_note-119"><span class="cite-bracket">[</span>119<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> thought that Keynes's political bequest was harmful for two reasons. First, he thought whatever the economic analysis, benevolent dictatorship is likely sooner or later to lead to a totalitarian society. Second, he thought Keynes's economic theories appealed to a group far broader than economists primarily because of their link to his political approach.<sup id="cite_ref-120" class="reference"><a href="#cite_note-120"><span class="cite-bracket">[</span>120<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Alex_Tabarrok" title="Alex Tabarrok">Alex Tabarrok</a> argues that Keynesian politics–as distinct from Keynesian policies–has failed pretty much whenever it's been tried, at least in liberal democracies.<sup id="cite_ref-121" class="reference"><a href="#cite_note-121"><span class="cite-bracket">[</span>121<span class="cite-bracket">]</span></a></sup> </p><p>In response to this argument, <a href="/wiki/John_Quiggin" title="John Quiggin">John Quiggin</a>,<sup id="cite_ref-122" class="reference"><a href="#cite_note-122"><span class="cite-bracket">[</span>122<span class="cite-bracket">]</span></a></sup> wrote about these theories' implication for a liberal democratic order. He thought that if it is generally accepted that democratic politics is nothing more than a battleground for competing interest groups, then reality will come to resemble the model. <a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a> wrote "I don't think we need to take that as an immutable fact of life; but still, what are the alternatives?"<sup id="cite_ref-123" class="reference"><a href="#cite_note-123"><span class="cite-bracket">[</span>123<span class="cite-bracket">]</span></a></sup> Daniel Kuehn, criticized James M. Buchanan. He argued, "if you have a problem with politicians – criticize politicians," not Keynes.<sup id="cite_ref-124" class="reference"><a href="#cite_note-124"><span class="cite-bracket">[</span>124<span class="cite-bracket">]</span></a></sup> He also argued that empirical evidence makes it pretty clear that Buchanan was wrong.<sup id="cite_ref-125" class="reference"><a href="#cite_note-125"><span class="cite-bracket">[</span>125<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-126" class="reference"><a href="#cite_note-126"><span class="cite-bracket">[</span>126<span class="cite-bracket">]</span></a></sup> <a href="/wiki/James_Tobin" title="James Tobin">James Tobin</a> argued, if advising government officials, politicians, voters, it's not for economists to play games with them.<sup id="cite_ref-127" class="reference"><a href="#cite_note-127"><span class="cite-bracket">[</span>127<span class="cite-bracket">]</span></a></sup> Keynes implicitly rejected this argument, in "soon or late it is ideas not vested interests which are dangerous for good or evil."<sup id="cite_ref-128" class="reference"><a href="#cite_note-128"><span class="cite-bracket">[</span>128<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-129" class="reference"><a href="#cite_note-129"><span class="cite-bracket">[</span>129<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Brad_DeLong" class="mw-redirect" title="Brad DeLong">Brad DeLong</a> has argued that politics is the main motivator behind objections to the view that government should try to serve a stabilizing macroeconomic role.<sup id="cite_ref-130" class="reference"><a href="#cite_note-130"><span class="cite-bracket">[</span>130<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a> argued that a regime that by and large lets markets work, but in which the government is ready both to rein in excesses and fight slumps is inherently unstable, due to intellectual instability, political instability, and financial instability.<sup id="cite_ref-131" class="reference"><a href="#cite_note-131"><span class="cite-bracket">[</span>131<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="New_classical">New classical</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=36" title="Edit section: New classical"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical macroeconomics</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Lucas_critique" title="Lucas critique">Lucas critique</a></div> <p>Another influential school of thought was based on the <a href="/wiki/Lucas_critique" title="Lucas critique">Lucas critique</a> of Keynesian economics. This called for greater consistency with <a href="/wiki/Microeconomic" class="mw-redirect" title="Microeconomic">microeconomic</a> theory based on <a href="/wiki/Rational_choice_theory" class="mw-redirect" title="Rational choice theory">rational choice theory</a>, and in particular emphasized the idea of <a href="/wiki/Rational_expectations" title="Rational expectations">rational expectations</a>. Lucas and others argued that Keynesian economics required remarkably foolish and short-sighted behaviour from people, which totally contradicted the economic understanding of their behaviour at a micro level. <a href="/wiki/New_classical_economics" class="mw-redirect" title="New classical economics">New classical economics</a> introduced a set of macroeconomic theories that were based on optimizing <a href="/wiki/Microfoundations" title="Microfoundations">microeconomic</a> behaviour. These models have been developed into the <a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">real business-cycle theory</a>, which argues that business cycle fluctuations can to a large extent be accounted for by real (in contrast to nominal) shocks. </p><p>Beginning in the late 1950s new classical macroeconomists began to disagree with the methodology employed by Keynes and his successors. Keynesians emphasized the dependence of consumption on disposable income and, also, of investment on current profits and current cash flow. In addition, Keynesians posited a <a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a> that tied nominal wage inflation to unemployment rate. To support these theories, Keynesians typically traced the logical foundations of their model (using introspection) and supported their assumptions with statistical evidence.<sup id="cite_ref-Akerloff2007_132-0" class="reference"><a href="#cite_note-Akerloff2007-132"><span class="cite-bracket">[</span>132<span class="cite-bracket">]</span></a></sup> New classical theorists demanded that macroeconomics be grounded on the same foundations as microeconomic theory, profit-maximizing firms and rational, utility-maximizing consumers.<sup id="cite_ref-Akerloff2007_132-1" class="reference"><a href="#cite_note-Akerloff2007-132"><span class="cite-bracket">[</span>132<span class="cite-bracket">]</span></a></sup> </p><p>The result of this shift in methodology produced several important divergences from Keynesian macroeconomics:<sup id="cite_ref-Akerloff2007_132-2" class="reference"><a href="#cite_note-Akerloff2007-132"><span class="cite-bracket">[</span>132<span class="cite-bracket">]</span></a></sup> </p> <ol><li>Independence of consumption and current income (life-cycle <a href="/wiki/Permanent_income_hypothesis" title="Permanent income hypothesis">permanent income hypothesis</a>)</li> <li>Irrelevance of current profits to investment (<a href="/wiki/Modigliani%E2%80%93Miller_theorem" title="Modigliani–Miller theorem">Modigliani–Miller theorem</a>)</li> <li>Long run independence of inflation and unemployment (<a href="/wiki/Natural_rate_of_unemployment" title="Natural rate of unemployment">natural rate of unemployment</a>)</li> <li>The inability of monetary policy to stabilize output (<a href="/wiki/Rational_expectations" title="Rational expectations">rational expectations</a>)</li> <li>Irrelevance of taxes and budget deficits to consumption (<a href="/wiki/Ricardian_equivalence" title="Ricardian equivalence">Ricardian equivalence</a>)</li></ol> <div class="mw-heading mw-heading3"><h3 id="Austrian_school">Austrian school</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=37" title="Edit section: Austrian school"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">F.A. Hayek</a>, an Austrian-style economist described Keynesianism as a system of "economics of abundance" stating it is, "a system of economics which is based on the assumption that no real scarcity exists, and that the only scarcity with which we need concern ourselves is the artificial scarcity created by the determination of people not to sell their services and products below certain arbitrarily fixed prices."<sup id="cite_ref-133" class="reference"><a href="#cite_note-133"><span class="cite-bracket">[</span>133<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a>, another Austrian economist, describes a Keynesian system as believing it can solve most problems with "more money and credit" which leads to a system of "<a href="/wiki/Inflation" title="Inflation">inflationism</a>" in which "prices (of goods) rise higher and higher."<sup id="cite_ref-134" class="reference"><a href="#cite_note-134"><span class="cite-bracket">[</span>134<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Murray Rothbard</a> wrote that Keynesian-style governmental regulation of money and credit created a "dismal monetary and banking situation," since it allows for the <a href="/wiki/Central_bank" title="Central bank">central bankers</a> that have the exclusive ability to print money to be "unchecked and out of control."<sup id="cite_ref-135" class="reference"><a href="#cite_note-135"><span class="cite-bracket">[</span>135<span class="cite-bracket">]</span></a></sup> Rothbard went on to say in an interview that, "There is one good thing about <a href="/wiki/Karl_Marx" title="Karl Marx">(Karl) Marx</a>: he was not a Keynesian."<sup id="cite_ref-136" class="reference"><a href="#cite_note-136"><span class="cite-bracket">[</span>136<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Others">Others</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=38" title="Edit section: Others"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Social_history" title="Social history">social historian</a> <a href="/wiki/C._J._Coventry" title="C. J. Coventry">C. J. Coventry</a> argues in <i>Keynes from Below: A Social History of Second World War Keynesian Economics</i> (2023) that Keynes and Keynesian economics was unpopular in the United Kingdom and Australia in the 1940s. Many workers and trades unions, as well as figures in the <a href="/wiki/British_Labour_Party" class="mw-redirect" title="British Labour Party">British Labour Party</a> and <a href="/wiki/Australian_Labor_Party" title="Australian Labor Party">Australian Labor Party</a>, saw Keynesianism as a means of stopping socialism. Keynes was largely supported by business leaders, bankers and conservative parties, or tripartite third way Catholics eager to avoid socialism after the Second World War.<sup id="cite_ref-Keynes_From_Below_137-0" class="reference"><a href="#cite_note-Keynes_From_Below-137"><span class="cite-bracket">[</span>137<span class="cite-bracket">]</span></a></sup> While Coventry agrees that the Keynesianism has considerable benefits, he argues that these benefits arose from the next phase of capitalism with many of the disadvantages being forced onto peoples in the third world, such as in <a href="/wiki/British_Malaya" title="British Malaya">British Malaya</a> where there was bloodshed for crucial resources. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=39" title="Edit section: See also"><span>edit</span></a><span 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guarantee</a></li> <li><a href="/wiki/Pareto_principle" title="Pareto principle">Pareto principle</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=40" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFBlinder" class="citation web cs1">Blinder, Alan S. <a rel="nofollow" class="external text" href="https://www.econlib.org/library/Enc1/KeynesianEconomics.html">"Keynesian Economics"</a>. <i>www.econlib.org</i>. The Concise Encyclopedia of Economics. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210225005358/https://www.econlib.org/library/Enc1/KeynesianEconomics.html">Archived</a> from the original on 25 February 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">13 March</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.econlib.org&rft.atitle=Keynesian+Economics&rft.aulast=Blinder&rft.aufirst=Alan+S.&rft_id=https%3A%2F%2Fwww.econlib.org%2Flibrary%2FEnc1%2FKeynesianEconomics.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.imf.org/external/pubs/ft/fandd/2014/09/basics.htm">"What Is Keynesian Economics? – Back to Basics – Finance & Development, September 2014"</a>. <i>www.imf.org</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20151025174816/http://www.imf.org/external/pubs/ft/fandd/2014/09/basics.htm">Archived</a> from the original on 25 October 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">2 November</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.imf.org&rft.atitle=What+Is+Keynesian+Economics%3F+%E2%80%93+Back+to+Basics+%E2%80%93+Finance+%26+Development%2C+September+2014&rft_id=http%3A%2F%2Fwww.imf.org%2Fexternal%2Fpubs%2Fft%2Ffandd%2F2014%2F09%2Fbasics.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFO'SullivanSheffrin2003" class="citation book cs1"><a href="/wiki/Arthur_O%27Sullivan_(economist)" title="Arthur O'Sullivan (economist)">O'Sullivan, Arthur</a>; Sheffrin, Steven M. (2003). <i>Economics: Principles in Action</i>. Upper Saddle River: Pearson Prentice Hall. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-13-063085-8" title="Special:BookSources/978-0-13-063085-8"><bdi>978-0-13-063085-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economics%3A+Principles+in+Action&rft.place=Upper+Saddle+River&rft.pub=Pearson+Prentice+Hall&rft.date=2003&rft.isbn=978-0-13-063085-8&rft.aulast=O%27Sullivan&rft.aufirst=Arthur&rft.au=Sheffrin%2C+Steven+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-Blinder-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-Blinder_4-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlinder" class="citation web cs1">Blinder, Alan S. <a rel="nofollow" class="external text" href="http://www.econlib.org/library/Enc1/KeynesianEconomics.html">"Keynesian Economics"</a>. <i>Concise Encyclopedia of Economics</i>. Library of Economics and Liberty. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170914153534/http://www.econlib.org/library/Enc1/KeynesianEconomics.html">Archived</a> from the original on 14 September 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">23 August</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Concise+Encyclopedia+of+Economics&rft.atitle=Keynesian+Economics&rft.aulast=Blinder&rft.aufirst=Alan+S.&rft_id=http%3A%2F%2Fwww.econlib.org%2Flibrary%2FEnc1%2FKeynesianEconomics.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHunt2004" class="citation book cs1">Hunt, Michael H. (2004). <i>The World Transformed: 1945 to the present</i>. New York, New York: Oxford University Press. p. 80. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780199371020" title="Special:BookSources/9780199371020"><bdi>9780199371020</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+World+Transformed%3A+1945+to+the+present&rft.place=New+York%2C+New+York&rft.pages=80&rft.pub=Oxford+University+Press&rft.date=2004&rft.isbn=9780199371020&rft.aulast=Hunt&rft.aufirst=Michael+H.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-K_rev._and_critics-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-K_rev._and_critics_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-K_rev._and_critics_6-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFletcher1989" class="citation book cs1">Fletcher, Gordon (1989). <i>The Keynesian Revolution and Its Critics: Issues of Theory and Policy for the Monetary Production Economy</i>. Palgrave MacMillan. pp. <span class="nowrap">xix–</span>xxi, 88, <span class="nowrap">189–</span>91, <span class="nowrap">234–</span>38, <span class="nowrap">256–</span>61. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-312-45260-5" title="Special:BookSources/978-0-312-45260-5"><bdi>978-0-312-45260-5</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Keynesian+Revolution+and+Its+Critics%3A+Issues+of+Theory+and+Policy+for+the+Monetary+Production+Economy&rft.pages=%3Cspan+class%3D%22nowrap%22%3Exix-%3C%2Fspan%3Exxi%2C+88%2C+%3Cspan+class%3D%22nowrap%22%3E189-%3C%2Fspan%3E91%2C+%3Cspan+class%3D%22nowrap%22%3E234-%3C%2Fspan%3E38%2C+%3Cspan+class%3D%22nowrap%22%3E256-%3C%2Fspan%3E61&rft.pub=Palgrave+MacMillan&rft.date=1989&rft.isbn=978-0-312-45260-5&rft.aulast=Fletcher&rft.aufirst=Gordon&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWoodford2009" class="citation cs2">Woodford, Michael (2009), <a rel="nofollow" class="external text" href="http://www.columbia.edu/~mw2230/Convergence_AEJ.pdf">"Convergence in Macroeconomics: Elements of the New Synthesis"</a> <span class="cs1-format">(PDF)</span>, <i>American Economic Journal: Macroeconomics</i>, <b>1</b> (1): <span class="nowrap">267–</span>79, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Fmac.1.1.267">10.1257/mac.1.1.267</a>, <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210218041330/http://www.columbia.edu/~mw2230/Convergence_AEJ.pdf">archived</a> <span class="cs1-format">(PDF)</span> from the original on 18 February 2021<span class="reference-accessdate">, retrieved <span class="nowrap">5 September</span> 2020</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Economic+Journal%3A+Macroeconomics&rft.atitle=Convergence+in+Macroeconomics%3A+Elements+of+the+New+Synthesis&rft.volume=1&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E267-%3C%2Fspan%3E79&rft.date=2009&rft_id=info%3Adoi%2F10.1257%2Fmac.1.1.267&rft.aulast=Woodford&rft.aufirst=Michael&rft_id=http%3A%2F%2Fwww.columbia.edu%2F~mw2230%2FConvergence_AEJ.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStaff2008" class="citation news cs1">Staff, Spiegel (4 November 2008). <a rel="nofollow" class="external text" href="http://www.spiegel.de/international/business/0,1518,588316,00.html">"Economic Crisis Mounts in Germany"</a>. <i>Der Spiegel</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120129124429/http://www.spiegel.de/international/business/0,1518,588316,00.html">Archived</a> from the original on 29 January 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">13 August</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Der+Spiegel&rft.atitle=Economic+Crisis+Mounts+in+Germany&rft.date=2008-11-04&rft.aulast=Staff&rft.aufirst=Spiegel&rft_id=http%3A%2F%2Fwww.spiegel.de%2Finternational%2Fbusiness%2F0%2C1518%2C588316%2C00.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-neglect-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-neglect_9-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNashGramm1969" class="citation journal cs1">Nash, Robert T.; Gramm, William P. (1969). 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In Glasner, David (ed.). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=e1ZEPd_pQnoC"><i>Business Cycles and Depressions: An Encyclopedia</i></a>. Taylor & Francis. p. 22. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-8240-0944-1" title="Special:BookSources/978-0-8240-0944-1"><bdi>978-0-8240-0944-1</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170709015906/https://books.google.com/books?id=e1ZEPd_pQnoC">Archived</a> from the original on 9 July 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">15 June</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Attwood%2C+Thomas+%281783%E2%80%931856%29&rft.btitle=Business+Cycles+and+Depressions%3A+An+Encyclopedia&rft.pages=22&rft.pub=Taylor+%26+Francis&rft.date=1997&rft.isbn=978-0-8240-0944-1&rft.aulast=Glasner&rft.aufirst=David&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3De1ZEPd_pQnoC%26pg%3DPA22&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOhlin1937" class="citation journal cs1"><a href="/wiki/Bertil_Ohlin" title="Bertil Ohlin">Ohlin, Bertil</a> (1937). "Some Notes on the Stockholm Theory of Savings and Investment". <i>Economic Journal</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economic+Journal&rft.atitle=Some+Notes+on+the+Stockholm+Theory+of+Savings+and+Investment&rft.date=1937&rft.aulast=Ohlin&rft.aufirst=Bertil&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text">Robert Dimand, <i>The origins of the Keynesian revolution</i>, p. 7.</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit</i>., p. 23.</span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit</i>., p31.</span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit</i>., p. 36.</span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit</i>., p35.</span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit</i>., p. 38.</span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit</i>., p133.</span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit</i>., pp. 136–141.</span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text">Editorial introduction to the <i>General Theory</i>  in Keynes's Collected Writings.</span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSay2001" class="citation book cs1">Say, Jean-Baptiste (2001). <i>A Treatise on Political Economy; or the Production Distribution and Consumption of Wealth</i>. Kitchener: Batoche Books.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Treatise+on+Political+Economy%3B+or+the+Production+Distribution+and+Consumption+of+Wealth&rft.place=Kitchener&rft.pub=Batoche+Books&rft.date=2001&rft.aulast=Say&rft.aufirst=Jean-Baptiste&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRicardo1871" class="citation book cs1">Ricardo, David (1871). <i>On The Principles of Political Economy and Taxation</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=On+The+Principles+of+Political+Economy+and+Taxation&rft.date=1871&rft.aulast=Ricardo&rft.aufirst=David&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://www.liberalhistory.org.uk/history/the-1929-general-election/The">1929 general election</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220717055645/https://liberalhistory.org.uk/journal-articles/the-1906-landslide-the-legacy/">Archived</a> 17 July 2022 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Liberal Democrat History Group.</span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit.</i>, pp102f.</span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text">He had been working on the book since 1923, and finally signed the preface on 14 September 1930. Dimand, <i>op. cit.</i>, p. 119.</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit.</i>, pp92f.</span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text">Kahn, <i>The making of the </i>General Theory<i> </i>, p92.</span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text">Published in <i>The Economic Journal</i>.</span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><i>Guide to Keynes</i> (1953), p. 88.</span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text">Kahn, <i>The making of the </i>General Theory, p. 95.</span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text">P. A. Samuelson, <i>Economics: an introductory analysis</i>, 1948 and many subsequent editions. 16th edition consulted.</span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><i>Introduction to the Theory of Employment</i>, which she described as a "told-to-the-children" account (letter to Keynes included in his Collected Writings vol XXIX, p185), referring to a series of retellings of classic stories.</span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><i>The failure of the new economics</i>, 1959, pp148f.</span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text">"International difficulties arising out of the financing of public works during depressions," <i>Economic Journal</i>, 1932.</span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text">See Dimand, <i>op. cit.</i>, p. 114. Kahn's presentation is more complicated owing to the inclusion of dole and other factors.</span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit.</i>, pp. 107–110.</span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit.</i>, pp105-107.</span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text">Eli Heckscher, <i>Mercantilism</i> (1931, English tr. 1935), vol II, p. 202.</span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit.</i>, pp117f.</span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text">Kahn, <i>The making of the </i>General Theory<i> </i>, p. 101.</span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text">Kahn, <i>op. cit.</i>, p78.</span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text">Kahn, <i>op. cit.</i>, p. 79, quoting from Keynes's collected writings.</span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text">Kahn, <i>op. cit.</i>, pp83f, quoting the Committee minutes.</span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text">Kahn, <i>op. cit.</i>, p. 96, quoting a study by Susan Howson and Donald Winch.</span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit.</i>, p158.</span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text">Cited by Kahn, <i>op. cit.</i>, p. 193.</span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text">Kahn, <i>op. cit.</i>, p. 193.</span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text">Dimand, <i>op. cit.</i>, p. 76.</span> </li> <li id="cite_note-Oxford_University_Press_(OUP)_1980_p.-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-Oxford_University_Press_(OUP)_1980_p._50-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation journal cs1">"The General Theory for a totalitarian state? a note on Keynes's preface to the German edition of 1936". <i>Cambridge Journal of Economics</i>. Oxford University Press (OUP). 1980. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Foxfordjournals.cje.a035449">10.1093/oxfordjournals.cje.a035449</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1464-3545">1464-3545</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Cambridge+Journal+of+Economics&rft.atitle=The+General+Theory+for+a+totalitarian+state%3F+a+note+on+Keynes%27s+preface+to+the+German+edition+of+1936&rft.date=1980&rft_id=info%3Adoi%2F10.1093%2Foxfordjournals.cje.a035449&rft.issn=1464-3545&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text">Chapter 2, §I.</span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text">Chapter 2, §II.</span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text">See <a href="/wiki/The_General_Theory_of_Employment,_Interest_and_Money#equations" title="The General Theory of Employment, Interest and Money">the 'General_Theory'</a>.</span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text"><i>General Theory</i>, pp. 63, 61.</span> </li> <li id="cite_note-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-55">^</a></b></span> <span class="reference-text">Chapter 11.</span> </li> <li id="cite_note-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-56">^</a></b></span> <span class="reference-text">Chapter 8.</span> </li> <li id="cite_note-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-57">^</a></b></span> <span class="reference-text">Reply to Viner. See <a href="#qje1937">below</a>.</span> </li> <li id="cite_note-58"><span class="mw-cite-backlink"><b><a href="#cite_ref-58">^</a></b></span> <span class="reference-text">The interest rate is monetary, and represents the combined effect of the <a href="/wiki/Interest_rate#Real_versus_nominal" title="Interest rate">real interest rate</a> and inflation.</span> </li> <li id="cite_note-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-59">^</a></b></span> <span class="reference-text">Based on the one in Keynes’s Chapter 14.</span> </li> <li id="cite_note-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-60">^</a></b></span> <span class="reference-text">Chapter 10.</span> </li> <li id="cite_note-61"><span class="mw-cite-backlink"><b><a href="#cite_ref-61">^</a></b></span> <span class="reference-text">Chapter 18.</span> </li> <li id="cite_note-62"><span class="mw-cite-backlink"><b><a href="#cite_ref-62">^</a></b></span> <span class="reference-text">P. A. Samuelson, <i>Economics: an introductory analysis</i> 1948 and many subsequent editions.</span> </li> <li id="cite_note-63"><span class="mw-cite-backlink"><b><a href="#cite_ref-63">^</a></b></span> <span class="reference-text">Chapter 3.</span> </li> <li id="cite_note-64"><span class="mw-cite-backlink"><b><a href="#cite_ref-64">^</a></b></span> <span class="reference-text">p. 115.</span> </li> <li id="cite_note-65"><span class="mw-cite-backlink"><b><a href="#cite_ref-65">^</a></b></span> <span class="reference-text">p122.</span> </li> <li id="cite_note-66"><span class="mw-cite-backlink"><b><a href="#cite_ref-66">^</a></b></span> <span class="reference-text">p. 124. See a discussion in the work by G. M. Ambrosi cited below, and also Mark Hayes's statement that "the 'sequence' multiplier of Old Keynesian economics cannot be found in <i>The General Theory</i>" (<i>The Economics of Keynes: A New Guide to The General Theory</i> (2006), p. 120).</span> </li> <li id="cite_note-67"><span class="mw-cite-backlink"><b><a href="#cite_ref-67">^</a></b></span> <span class="reference-text">Chapter 18, p. 245.</span> </li> <li id="cite_note-68"><span class="mw-cite-backlink"><b><a href="#cite_ref-68">^</a></b></span> <span class="reference-text">Chapter 14, p. 184.</span> </li> <li id="cite_note-69"><span class="mw-cite-backlink"><b><a href="#cite_ref-69">^</a></b></span> <span class="reference-text">Chapter 18, p. 248.</span> </li> <li id="cite_note-70"><span class="mw-cite-backlink"><b><a href="#cite_ref-70">^</a></b></span> <span class="reference-text"><i>Time in economics</i> (1958).</span> </li> <li id="cite_note-71"><span class="mw-cite-backlink"><b><a href="#cite_ref-71">^</a></b></span> <span class="reference-text">G. M. Ambrosi, <i>Keynes, Pigou and Cambridge Keynesians</i> (2003).</span> </li> <li id="cite_note-72"><span class="mw-cite-backlink"><b><a href="#cite_ref-72">^</a></b></span> <span class="reference-text">On p115.</span> </li> <li id="cite_note-73"><span class="mw-cite-backlink"><b><a href="#cite_ref-73">^</a></b></span> <span class="reference-text">D. H. Robertson, "Some Notes on Mr. Keynes' General Theory of Interest", <i>Quarterly Journal of Economics</i>, 1936</span> </li> <li id="cite_note-74"><span class="mw-cite-backlink"><b><a href="#cite_ref-74">^</a></b></span> <span class="reference-text">"Mr. Keynes and the 'Classics'; A Suggested Interpretation", <i>Econometrica</i>, 1937.</span> </li> <li id="cite_note-75"><span class="mw-cite-backlink"><b><a href="#cite_ref-75">^</a></b></span> <span class="reference-text">P. R. Krugman, "It's baaack: Japan's slump and the return of the liquidity trap," <i>Brookings papers on economic activity</i>, 1998.</span> </li> <li id="cite_note-76"><span class="mw-cite-backlink"><b><a href="#cite_ref-76">^</a></b></span> <span class="reference-text">P. R. Krugman, Introduction to the <i>General Theory</i>..., 2008.</span> </li> <li id="cite_note-77"><span class="mw-cite-backlink"><b><a href="#cite_ref-77">^</a></b></span> <span class="reference-text">Richard Kahn, <i>The Making of Keynes' General Theory</i>, pp. 160 and 248.</span> </li> <li id="cite_note-78"><span class="mw-cite-backlink"><b><a href="#cite_ref-78">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.washingtonpost.com/blogs/ezra-klein/post/larry-summers-i-think-keynes-mistitled-his-book/2011/07/11/gIQAzZd4aI_blog.html">"I Think Keynes Mistitled His Book"</a>. <i>The Washington Post</i>. 26 July 2011. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181008133419/https://www.washingtonpost.com/blogs/ezra-klein/post/larry-summers-i-think-keynes-mistitled-his-book/2011/07/11/gIQAzZd4aI_blog.html">Archived</a> from the original on 8 October 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">13 August</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Washington+Post&rft.atitle=I+Think+Keynes+Mistitled+His+Book&rft.date=2011-07-26&rft_id=https%3A%2F%2Fwww.washingtonpost.com%2Fblogs%2Fezra-klein%2Fpost%2Flarry-summers-i-think-keynes-mistitled-his-book%2F2011%2F07%2F11%2FgIQAzZd4aI_blog.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-79"><span class="mw-cite-backlink"><b><a href="#cite_ref-79">^</a></b></span> <span class="reference-text"> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCrowther,_Geoffrey1948" class="citation book cs1">Crowther, Geoffrey (1948). <i>An Outline of Money</i>. Second Edition. Thomas Nelson and Sons. pp. <span class="nowrap">326–</span>29.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Outline+of+Money&rft.series=Second+Edition&rft.pages=%3Cspan+class%3D%22nowrap%22%3E326-%3C%2Fspan%3E29&rft.pub=Thomas+Nelson+and+Sons&rft.date=1948&rft.au=Crowther%2C+Geoffrey&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-80"><span class="mw-cite-backlink"><b><a href="#cite_ref-80">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFInvestopedia_Staff2003" class="citation web cs1">Investopedia Staff (25 November 2003). <a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/d/deregulate.asp">"Deregulation"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170702012600/http://www.investopedia.com/terms/d/deregulate.asp">Archived</a> from the original on 2 July 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">30 June</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Deregulation&rft.date=2003-11-25&rft.au=Investopedia+Staff&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fd%2Fderegulate.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-81"><span class="mw-cite-backlink"><b><a href="#cite_ref-81">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFInvestopedia_Staff2010" class="citation web cs1">Investopedia Staff (3 April 2010). <a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/t/trade-liberalization.asp">"Trade Liberalization"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170623034035/http://www.investopedia.com/terms/t/trade-liberalization.asp">Archived</a> from the original on 23 June 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">30 June</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Trade+Liberalization&rft.date=2010-04-03&rft.au=Investopedia+Staff&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Ft%2Ftrade-liberalization.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-82"><span class="mw-cite-backlink"><b><a href="#cite_ref-82">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCostabile2007" class="citation web cs1">Costabile, Lilia (December 2007). <a rel="nofollow" class="external text" href="https://scholarworks.umass.edu/cgi/viewcontent.cgi?referer=https://en.wikipedia.org/&httpsredir=1&article=1127&context=peri_workingpapers">"Current Global Imbalances and the Keynes Plan"</a>. Political Economy Research Institute. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210120101918/https://scholarworks.umass.edu/cgi/viewcontent.cgi?referer=https%3A%2F%2Fen.wikipedia.org%2F&httpsredir=1&article=1127&context=peri_workingpapers">Archived</a> from the original on 20 January 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">8 November</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Current+Global+Imbalances+and+the+Keynes+Plan&rft.pub=Political+Economy+Research+Institute&rft.date=2007-12&rft.aulast=Costabile&rft.aufirst=Lilia&rft_id=https%3A%2F%2Fscholarworks.umass.edu%2Fcgi%2Fviewcontent.cgi%3Freferer%3Dhttps%3A%2F%2Fen.wikipedia.org%2F%26httpsredir%3D1%26article%3D1127%26context%3Dperi_workingpapers&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-83"><span class="mw-cite-backlink"><b><a href="#cite_ref-83">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJoseph_Stiglitz2010" class="citation web cs1">Joseph Stiglitz (5 May 2010). <a rel="nofollow" class="external text" href="https://www.theguardian.com/commentisfree/2010/may/05/reform-euro-or-bin-it-greece-germany">"Reform the euro or bin it"</a>. <i>www.theguardian.com</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170830234718/https://www.theguardian.com/commentisfree/2010/may/05/reform-euro-or-bin-it-greece-germany">Archived</a> from the original on 30 August 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">30 June</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.theguardian.com&rft.atitle=Reform+the+euro+or+bin+it&rft.date=2010-05-05&rft.au=Joseph+Stiglitz&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fcommentisfree%2F2010%2Fmay%2F05%2Freform-euro-or-bin-it-greece-germany&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-84"><span class="mw-cite-backlink"><b><a href="#cite_ref-84">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.uam.es/personal_pdi/economicas/jsanchez/documentos/1601%20KEYNES%20National%20Self-sufficiency%201933.pdf">"Inicio"</a> <span class="cs1-format">(PDF)</span>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171209065022/http://www.uam.es/personal_pdi/economicas/jsanchez/documentos/1601%20KEYNES%20National%20Self-sufficiency%201933.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 9 December 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">30 June</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Inicio&rft_id=http%3A%2F%2Fwww.uam.es%2Fpersonal_pdi%2Feconomicas%2Fjsanchez%2Fdocumentos%2F1601%2520KEYNES%2520National%2520Self-sufficiency%25201933.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-85"><span class="mw-cite-backlink"><b><a href="#cite_ref-85">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.india-seminar.com/2009/601/601_david_singh_grewali.htm">"601 David Singh Grewal, What Keynes warned about globalization"</a>. <i>www.india-seminar.com</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170501115139/http://www.india-seminar.com/2009/601/601_david_singh_grewali.htm">Archived</a> from the original on 1 May 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">30 June</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.india-seminar.com&rft.atitle=601+David+Singh+Grewal%2C+What+Keynes+warned+about+globalization&rft_id=http%3A%2F%2Fwww.india-seminar.com%2F2009%2F601%2F601_david_singh_grewali.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-86"><span class="mw-cite-backlink"><b><a href="#cite_ref-86">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCrowther,_Geoffrey1948" class="citation book cs1">Crowther, Geoffrey (1948). <i>An Outline of Money</i>. Second Edition. Thomas Nelson and Sons. p. 336.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Outline+of+Money&rft.series=Second+Edition&rft.pages=336&rft.pub=Thomas+Nelson+and+Sons&rft.date=1948&rft.au=Crowther%2C+Geoffrey&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-87"><span class="mw-cite-backlink"><b><a href="#cite_ref-87">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCrowther,_Geoffrey1948" class="citation book cs1">Crowther, Geoffrey (1948). <i>An Outline of Money</i>. Second Edition. Thomas Nelson and Sons. pp. <span class="nowrap">368–</span>72.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Outline+of+Money&rft.series=Second+Edition&rft.pages=%3Cspan+class%3D%22nowrap%22%3E368-%3C%2Fspan%3E72&rft.pub=Thomas+Nelson+and+Sons&rft.date=1948&rft.au=Crowther%2C+Geoffrey&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-88"><span class="mw-cite-backlink"><b><a href="#cite_ref-88">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCrowther,_Geoffrey1948" class="citation book cs1">Crowther, Geoffrey (1948). <i>An Outline of Money</i>. Second Edition. Thomas Nelson and Sons.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=An+Outline+of+Money&rft.series=Second+Edition&rft.pub=Thomas+Nelson+and+Sons&rft.date=1948&rft.au=Crowther%2C+Geoffrey&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-89"><span class="mw-cite-backlink"><b><a href="#cite_ref-89">^</a></b></span> <span class="reference-text">See for example, Krugman, P and Wells, R (2006). "Economics", Worth Publishers</span> </li> <li id="cite_note-90"><span class="mw-cite-backlink"><b><a href="#cite_ref-90">^</a></b></span> <span class="reference-text">although see Duncan, R (2005). "The Dollar Crisis: Causes, Consequences, Cures", Wiley</span> </li> <li id="cite_note-91"><span class="mw-cite-backlink"><b><a href="#cite_ref-91">^</a></b></span> <span class="reference-text">See for example,<link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.monbiot.com/archives/2008/11/18/clearing-up-this-mess/">"Clearing Up This Mess"</a>. 18 November 2008. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090123161345/http://www.monbiot.com/archives/2008/11/18/clearing-up-this-mess/">Archived</a> from the original on 23 January 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Clearing+Up+This+Mess&rft.date=2008-11-18&rft_id=http%3A%2F%2Fwww.monbiot.com%2Farchives%2F2008%2F11%2F18%2Fclearing-up-this-mess%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-J.M._Keynes,_free_trade_and_protectionism-92"><span class="mw-cite-backlink">^ <a href="#cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-5"><sup><i><b>f</b></i></sup></a> <a href="#cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-6"><sup><i><b>g</b></i></sup></a> <a href="#cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-7"><sup><i><b>h</b></i></sup></a> <a href="#cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-8"><sup><i><b>i</b></i></sup></a> <a href="#cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-9"><sup><i><b>j</b></i></sup></a> <a href="#cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-10"><sup><i><b>k</b></i></sup></a> <a href="#cite_ref-J.M._Keynes,_free_trade_and_protectionism_92-11"><sup><i><b>l</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMaurin2011" class="citation journal cs1">Maurin, Max (2011). <a rel="nofollow" class="external text" href="https://doi.org/10.7202%2F045556ar">"J.M. Keynes, le libre-échange et le protectionnisme"</a>. <i>L'Actualité Économique</i>. <b>86</b>: <span class="nowrap">109–</span>129. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.7202%2F045556ar">10.7202/045556ar</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=L%27Actualit%C3%A9+%C3%89conomique&rft.atitle=J.M.+Keynes%2C+le+libre-%C3%A9change+et+le+protectionnisme&rft.volume=86&rft.pages=%3Cspan+class%3D%22nowrap%22%3E109-%3C%2Fspan%3E129&rft.date=2011&rft_id=info%3Adoi%2F10.7202%2F045556ar&rft.aulast=Maurin&rft.aufirst=Max&rft_id=https%3A%2F%2Fdoi.org%2F10.7202%252F045556ar&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-The_non-neoclassical_foundations_of_protectionism-93"><span class="mw-cite-backlink">^ <a href="#cite_ref-The_non-neoclassical_foundations_of_protectionism_93-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-The_non-neoclassical_foundations_of_protectionism_93-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-The_non-neoclassical_foundations_of_protectionism_93-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-The_non-neoclassical_foundations_of_protectionism_93-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMaurin2013" class="citation thesis cs1">Maurin, Max (2013). <a rel="nofollow" class="external text" href="http://www.sudoc.abes.fr/cbs/xslt/DB=2.1//SRCH?IKT=12&TRM=170778401"><i>Les fondements non neoclassiques du protectionnisme</i></a> (Thesis). Université Bordeaux-IV.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adissertation&rft.title=Les+fondements+non+neoclassiques+du+protectionnisme&rft.inst=Universit%C3%A9+Bordeaux-IV&rft.date=2013&rft.aulast=Maurin&rft.aufirst=Max&rft_id=http%3A%2F%2Fwww.sudoc.abes.fr%2Fcbs%2Fxslt%2FDB%3D2.1%2F%2FSRCH%3FIKT%3D12%26TRM%3D170778401&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-National_Self-Sufficiency-94"><span class="mw-cite-backlink">^ <a href="#cite_ref-National_Self-Sufficiency_94-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-National_Self-Sufficiency_94-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.mtholyoke.edu/acad/intrel/interwar/keynes.htm">"John Maynard Keynes, "National Self-Sufficiency," the Yale Review, Vol. 22, no. 4 (June 1933), pp. 755–769"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110515044928/http://www.mtholyoke.edu/acad/intrel/interwar/keynes.htm">Archived</a> from the original on 15 May 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">20 November</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=John+Maynard+Keynes%2C+%22National+Self-Sufficiency%2C%22+the+Yale+Review%2C+Vol.+22%2C+no.+4+%28June+1933%29%2C+pp.+755%E2%80%93769.&rft_id=http%3A%2F%2Fwww.mtholyoke.edu%2Facad%2Fintrel%2Finterwar%2Fkeynes.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-95"><span class="mw-cite-backlink"><b><a href="#cite_ref-95">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJoseph_Stiglitz2010" class="citation web cs1">Joseph Stiglitz (5 May 2010). <a rel="nofollow" class="external text" href="https://www.theguardian.com/commentisfree/2010/may/05/reform-euro-or-bin-it-greece-germany">"Reform the euro or bin it"</a>. <i><a href="/wiki/TheGuardian.com" class="mw-redirect" title="TheGuardian.com">TheGuardian.com</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170830234718/https://www.theguardian.com/commentisfree/2010/may/05/reform-euro-or-bin-it-greece-germany">Archived</a> from the original on 30 August 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">30 June</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=TheGuardian.com&rft.atitle=Reform+the+euro+or+bin+it&rft.date=2010-05-05&rft.au=Joseph+Stiglitz&rft_id=https%3A%2F%2Fwww.theguardian.com%2Fcommentisfree%2F2010%2Fmay%2F05%2Freform-euro-or-bin-it-greece-germany&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-96"><span class="mw-cite-backlink"><b><a href="#cite_ref-96">^</a></b></span> <span class="reference-text">"What eventually became known as textbook Keynesian policies were in many ways Lerner's interpretations of Keynes's policies, especially those expounded in <i>The Economics of Control</i> (1944) and later in <i>The Economics of Employment</i> (1951). ... Textbook expositions of Keynesian policy naturally gravitated to the black and white 'Lernerian' policy of <a href="/wiki/Functional_Finance" class="mw-redirect" title="Functional Finance">Functional Finance</a> rather than the grayer Keynesian policies. Thus, the vision that monetary and fiscal policy should be used as a balance wheel, which forms a key element in the textbook policy revolution, deserves to be called Lernerian rather than Keynesian." (<a href="#CITEREFColander1984">Colander 1984</a>, p. 1573)</span> </li> <li id="cite_note-Keyn2-97"><span class="mw-cite-backlink">^ <a href="#cite_ref-Keyn2_97-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Keyn2_97-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLewis1976" class="citation news cs1">Lewis, Paul (15 August 1976). <a rel="nofollow" class="external text" href="https://select.nytimes.com/gst/abstract.html?res=FB0717FE345E1A738DDDAC0994D0405B868BF1D3">"Nixon's Economic Policies Return to Haunt the G.O.P."</a> <i><a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130512021521/http://select.nytimes.com/gst/abstract.html?res=FB0717FE345E1A738DDDAC0994D0405B868BF1D3">Archived</a> from the original on 12 May 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">7 February</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Nixon%27s+Economic+Policies+Return+to+Haunt+the+G.O.P.&rft.date=1976-08-15&rft.aulast=Lewis&rft.aufirst=Paul&rft_id=https%3A%2F%2Fselect.nytimes.com%2Fgst%2Fabstract.html%3Fres%3DFB0717FE345E1A738DDDAC0994D0405B868BF1D3&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-98"><span class="mw-cite-backlink"><b><a href="#cite_ref-98">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKrugman2015" class="citation web cs1">Krugman, Paul (10 August 2015). <a rel="nofollow" class="external text" href="https://krugman.blogs.nytimes.com/2015/08/10/trash-talk-and-the-macroeconomic-divide/">"Trash Talk and the Macroeconomic Divide"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150905185024/http://krugman.blogs.nytimes.com/2015/08/10/trash-talk-and-the-macroeconomic-divide/">Archived</a> from the original on 5 September 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">10 September</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Trash+Talk+and+the+Macroeconomic+Divide&rft.date=2015-08-10&rft.aulast=Krugman&rft.aufirst=Paul&rft_id=https%3A%2F%2Fkrugman.blogs.nytimes.com%2F2015%2F08%2F10%2Ftrash-talk-and-the-macroeconomic-divide%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-99"><span class="mw-cite-backlink"><b><a href="#cite_ref-99">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlinder1987" class="citation book cs1"><a href="/wiki/Alan_Blinder" title="Alan Blinder">Blinder, Alan S.</a> (1987). <a rel="nofollow" class="external text" href="https://archive.org/details/hardheadssofthea00blin/page/65"><i>Hard Heads, Soft Hearts: Tough Minded Economics for a Just Society</i></a>. New York: Perseus Books. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/hardheadssofthea00blin/page/65">65–66</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-201-14519-9" title="Special:BookSources/978-0-201-14519-9"><bdi>978-0-201-14519-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Hard+Heads%2C+Soft+Hearts%3A+Tough+Minded+Economics+for+a+Just+Society&rft.place=New+York&rft.pages=65-66&rft.pub=Perseus+Books&rft.date=1987&rft.isbn=978-0-201-14519-9&rft.aulast=Blinder&rft.aufirst=Alan+S.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fhardheadssofthea00blin%2Fpage%2F65&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-100"><span class="mw-cite-backlink"><b><a href="#cite_ref-100">^</a></b></span> <span class="reference-text"><a href="#CITEREFSkidelsky2010">Skidelsky 2010</a></span> </li> <li id="cite_note-101"><span class="mw-cite-backlink"><b><a href="#cite_ref-101">^</a></b></span> <span class="reference-text">Financial markets, money and the real world, by Paul Davidson, <a rel="nofollow" class="external text" href="https://books.google.com/books?id=88XA6OHxVAcC&pg=PA88&q=post-keynesian">pp. 88–89</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20151121215306/https://books.google.com/books?id=88XA6OHxVAcC&pg=PA88&q=post-keynesian">Archived</a> 21 November 2015 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-102"><span class="mw-cite-backlink"><b><a href="#cite_ref-102">^</a></b></span> <span class="reference-text">Chapter 1. Snowdon, Brian and Vane, Howard R., (2005). <i>Modern Macroeconomics: Its Origin, Development and Current State</i>. Edward Elgar Publishing, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-84542-208-2" title="Special:BookSources/1-84542-208-2">1-84542-208-2</a></span> </li> <li id="cite_note-103"><span class="mw-cite-backlink"><b><a href="#cite_ref-103">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWoodford2009" class="citation cs2">Woodford, Michael (2009), <a rel="nofollow" class="external text" href="http://www.columbia.edu/~mw2230/Convergence_AEJ.pdf">"Convergence in Macroeconomics: Elements of the New Synthesis"</a> <span class="cs1-format">(PDF)</span>, <i>American Economic Journal: Macroeconomics</i>, <b>1</b> (1): <span class="nowrap">267–</span>79, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1257%2Fmac.1.1.267">10.1257/mac.1.1.267</a>, <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210218041330/http://www.columbia.edu/~mw2230/Convergence_AEJ.pdf">archived</a> <span class="cs1-format">(PDF)</span> from the original on 18 February 2021<span class="reference-accessdate">, retrieved <span class="nowrap">5 September</span> 2020</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Economic+Journal%3A+Macroeconomics&rft.atitle=Convergence+in+Macroeconomics%3A+Elements+of+the+New+Synthesis&rft.volume=1&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E267-%3C%2Fspan%3E79&rft.date=2009&rft_id=info%3Adoi%2F10.1257%2Fmac.1.1.267&rft.aulast=Woodford&rft.aufirst=Michael&rft_id=http%3A%2F%2Fwww.columbia.edu%2F~mw2230%2FConvergence_AEJ.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-104"><span class="mw-cite-backlink"><b><a href="#cite_ref-104">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLavoie2006" class="citation cs2">Lavoie, Marc (2006), "Post-Keynesian Heterodoxy", <i>Introduction to Post-Keynesian Economics</i>, Palgrave Macmillan UK, pp. <span class="nowrap">1–</span>24, <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1057%2F9780230626300_1">10.1057/9780230626300_1</a>, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781349283378" title="Special:BookSources/9781349283378"><bdi>9781349283378</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Post-Keynesian+Heterodoxy&rft.btitle=Introduction+to+Post-Keynesian+Economics&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1-%3C%2Fspan%3E24&rft.pub=Palgrave+Macmillan+UK&rft.date=2006&rft_id=info%3Adoi%2F10.1057%2F9780230626300_1&rft.isbn=9781349283378&rft.aulast=Lavoie&rft.aufirst=Marc&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-105"><span class="mw-cite-backlink"><b><a href="#cite_ref-105">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMarkwell2006" class="citation book cs1">Markwell, Donald (2006). <i>John Maynard Keynes and International Relations: Economic Paths to War and Peace</i>. New York: Oxford University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-829236-4" title="Special:BookSources/978-0-19-829236-4"><bdi>978-0-19-829236-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=John+Maynard+Keynes+and+International+Relations%3A+Economic+Paths+to+War+and+Peace&rft.place=New+York&rft.pub=Oxford+University+Press&rft.date=2006&rft.isbn=978-0-19-829236-4&rft.aulast=Markwell&rft.aufirst=Donald&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-What_Did_We_Learn_from_the_Financial_Crisis_[2008],_the_Great_Recession,_and_the_Pathetic_Recovery?,_Nov._2014-106"><span class="mw-cite-backlink"><b><a href="#cite_ref-What_Did_We_Learn_from_the_Financial_Crisis_[2008],_the_Great_Recession,_and_the_Pathetic_Recovery?,_Nov._2014_106-0">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.princeton.edu/ceps/workingpapers/243blinder.pdf">"What Did We Learn from the Financial Crisis <2008>, the Great Recession, and the Pathetic Recovery?,"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170830004657/http://www.princeton.edu/ceps/workingpapers/243blinder.pdf">Archived</a> 30 August 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Alan Blinder (Princeton University), Nov. 2014.</span> </li> <li id="cite_note-107"><span class="mw-cite-backlink"><b><a href="#cite_ref-107">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJonung1991" class="citation book cs1">Jonung, Lars (1991). <i>The Stockholm School of Economics Revisited</i>. Cambridge University Press. p. 5.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Stockholm+School+of+Economics+Revisited&rft.pages=5&rft.pub=Cambridge+University+Press&rft.date=1991&rft.aulast=Jonung&rft.aufirst=Lars&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-108"><span class="mw-cite-backlink"><b><a href="#cite_ref-108">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJonung1991" class="citation book cs1">Jonung, Lars (1991). <i>The Stockholm School of Economics Revisited</i>. Cambridge University Press. p. 18.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Stockholm+School+of+Economics+Revisited&rft.pages=18&rft.pub=Cambridge+University+Press&rft.date=1991&rft.aulast=Jonung&rft.aufirst=Lars&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-109"><span class="mw-cite-backlink"><b><a href="#cite_ref-109">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAbelBen_Bernanke2005" class="citation book cs1">Abel, Andrew; Ben Bernanke (2005). "14.3". <i>Macroeconomics</i> (5th ed.). Pearson Addison Wesley. pp. <span class="nowrap">543–</span>57. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-321-22333-3" title="Special:BookSources/978-0-321-22333-3"><bdi>978-0-321-22333-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=14.3&rft.btitle=Macroeconomics&rft.pages=%3Cspan+class%3D%22nowrap%22%3E543-%3C%2Fspan%3E57&rft.edition=5th&rft.pub=Pearson+Addison+Wesley&rft.date=2005&rft.isbn=978-0-321-22333-3&rft.aulast=Abel&rft.aufirst=Andrew&rft.au=Ben+Bernanke&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-110"><span class="mw-cite-backlink"><b><a href="#cite_ref-110">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBernanke2004" class="citation web cs1">Bernanke, Ben (20 February 2004). <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/BOARDDOCS/SPEECHES/2004/20040220/default.htm">"The Great Moderation"</a>. <i>federalreserve.gov</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110607032548/http://www.federalreserve.gov/boarddocs/speeches/2004/20040220/default.htm">Archived</a> from the original on 7 June 2011<span class="reference-accessdate">. Retrieved <span class="nowrap">15 April</span> 2011</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=federalreserve.gov&rft.atitle=The+Great+Moderation&rft.date=2004-02-20&rft.aulast=Bernanke&rft.aufirst=Ben&rft_id=http%3A%2F%2Fwww.federalreserve.gov%2FBOARDDOCS%2FSPEECHES%2F2004%2F20040220%2Fdefault.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-111"><span class="mw-cite-backlink"><b><a href="#cite_ref-111">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.chicagofed.org/digital_assets/publications/working_papers/2007/wp2007_07.pdf">"Federal Reserve Bank of Chicago, <i>Monetary Policy, Output Composition and the Great Moderation</i>, June 2007"</a> <span class="cs1-format">(PDF)</span>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121021152636/https://www.chicagofed.org/digital_assets/publications/working_papers/2007/wp2007_07.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 21 October 2012<span class="reference-accessdate">. Retrieved <span class="nowrap">2 February</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Federal+Reserve+Bank+of+Chicago%2C+Monetary+Policy%2C+Output+Composition+and+the+Great+Moderation%2C+June+2007&rft_id=http%3A%2F%2Fwww.chicagofed.org%2Fdigital_assets%2Fpublications%2Fworking_papers%2F2007%2Fwp2007_07.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-112"><span class="mw-cite-backlink"><b><a href="#cite_ref-112">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHenry_Farrell_and_John_Quiggin2012" class="citation web cs1"><a href="/wiki/Henry_Farrell_(political_scientist)" title="Henry Farrell (political scientist)">Henry Farrell</a> and <a href="/wiki/John_Quiggin" title="John Quiggin">John Quiggin</a> (March 2012). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130825142408/http://www.cedes.uerj.br/documentos/artigos/Consensus%20Dissensus%20and%20Economic%20Ideas%20The%20Rise%20and%20Fall%20of%20Keynesianism%20during%20the%20economic%20crisis.pdf">"Consensus, Dissensus and Economic Ideas: The Rise and Fall of Keynesianism During the Economic Crisis"</a> <span class="cs1-format">(PDF)</span>. The Center for the Study of Development Strategies. Archived from <a rel="nofollow" class="external text" href="http://www.cedes.uerj.br/documentos/artigos/Consensus%20Dissensus%20and%20Economic%20Ideas%20The%20Rise%20and%20Fall%20of%20Keynesianism%20during%20the%20economic%20crisis.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 25 August 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">29 May</span> 2012</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Consensus%2C+Dissensus+and+Economic+Ideas%3A+The+Rise+and+Fall+of+Keynesianism+During+the+Economic+Crisis&rft.pub=The+Center+for+the+Study+of+Development+Strategies&rft.date=2012-03&rft.au=Henry+Farrell+and+John+Quiggin&rft_id=http%3A%2F%2Fwww.cedes.uerj.br%2Fdocumentos%2Fartigos%2FConsensus%2520Dissensus%2520and%2520Economic%2520Ideas%2520The%2520Rise%2520and%2520Fall%2520of%2520Keynesianism%2520during%2520the%2520economic%2520crisis.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-113"><span class="mw-cite-backlink"><b><a href="#cite_ref-113">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMichael_Charles_Howard,_John_Edward_King" class="citation book cs1">Michael Charles Howard, John Edward King. <i>A History of Marxian Economics, Volume II: 1929–1990</i>. 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Cambridge University Press. p. <a rel="nofollow" class="external text" href="https://archive.org/details/publicchoiceanal0000peac/page/60">60</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780521430074" title="Special:BookSources/9780521430074"><bdi>9780521430074</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Public+Choice+Analysis+in+Historical+Perspective&rft.pages=60&rft.pub=Cambridge+University+Press&rft.date=1992&rft.isbn=9780521430074&rft.aulast=Peacock&rft.aufirst=Alan&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fpublicchoiceanal0000peac&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-130"><span class="mw-cite-backlink"><b><a href="#cite_ref-130">^</a></b></span> <span class="reference-text">J. 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Archived from <a rel="nofollow" class="external text" href="http://pdfs.semanticscholar.org/66b9/4ca46f30e2fd969232d8d847cd486328b5a0.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 3 August 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=American+Economic+Review&rft.atitle=The+Missing+Motivation+in+Macroeconomics&rft.volume=97&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E5-%3C%2Fspan%3E36&rft.date=2007&rft_id=info%3Adoi%2F10.1257%2Faer.97.1.5&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A55652693%23id-name%3DS2CID&rft.aulast=Akerlof&rft.aufirst=George+A.&rft_id=http%3A%2F%2Fpdfs.semanticscholar.org%2F66b9%2F4ca46f30e2fd969232d8d847cd486328b5a0.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-133"><span class="mw-cite-backlink"><b><a href="#cite_ref-133">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHazlittHayek1995" class="citation book cs1">Hazlitt, Henry; Hayek, F.A. 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Archived from <a rel="nofollow" class="external text" href="https://mises.org/book/export/html/64045">the original</a> on 7 March 2024<span class="reference-accessdate">. Retrieved <span class="nowrap">7 March</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Mystery+of+Banking&rft.date=2024-03-07&rft_id=https%3A%2F%2Fmises.org%2Fbook%2Fexport%2Fhtml%2F64045&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-136"><span class="mw-cite-backlink"><b><a href="#cite_ref-136">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20240307141218/https://mises.org/austrian-economics-newsletter/interview-murray-rothbard-man-economy-and-state-mises-and-future-austrian-school">"Interview with Murray Rothbard on Man, Economy, and State, Mises, and the Future of the Austrian School | Mises Institute"</a>. 7 March 2024. Archived from <a rel="nofollow" class="external text" href="https://mises.org/austrian-economics-newsletter/interview-murray-rothbard-man-economy-and-state-mises-and-future-austrian-school">the original</a> on 7 March 2024<span class="reference-accessdate">. Retrieved <span class="nowrap">7 March</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Interview+with+Murray+Rothbard+on+Man%2C+Economy%2C+and+State%2C+Mises%2C+and+the+Future+of+the+Austrian+School+%7C+Mises+Institute&rft.date=2024-03-07&rft_id=https%3A%2F%2Fmises.org%2Faustrian-economics-newsletter%2Finterview-murray-rothbard-man-economy-and-state-mises-and-future-austrian-school&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> <li id="cite_note-Keynes_From_Below-137"><span class="mw-cite-backlink"><b><a href="#cite_ref-Keynes_From_Below_137-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCoventry2023" class="citation thesis cs1">Coventry, C. J. (January 2023). <a rel="nofollow" class="external text" href="https://www.researchgate.net/publication/340939637"><i><span></span></i>Keynes From Below: A Social History of Second World War Keynesian Economics<i><span></span></i></a> (PhD thesis). <a href="/wiki/Federation_University_Australia" title="Federation University Australia">Federation University Australia</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adissertation&rft.title=Keynes+From+Below%3A+A+Social+History+of+Second+World+War+Keynesian+Economics&rft.degree=PhD&rft.inst=Federation+University+Australia&rft.date=2023-01&rft.aulast=Coventry&rft.aufirst=C.+J.&rft_id=https%3A%2F%2Fwww.researchgate.net%2Fpublication%2F340939637&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Sources">Sources</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=41" title="Edit section: Sources"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFColander1984" class="citation journal cs1">Colander, David (December 1984). "Was Keynes a Keynesian or a Lernerian?". <i>Journal of Economic Literature</i>. <b>22</b> (4): <span class="nowrap">1572–</span>1575. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/i347588">i347588</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Literature&rft.atitle=Was+Keynes+a+Keynesian+or+a+Lernerian%3F&rft.volume=22&rft.issue=4&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1572-%3C%2Fspan%3E1575&rft.date=1984-12&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2Fi347588%23id-name%3DJSTOR&rft.aulast=Colander&rft.aufirst=David&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSkidelsky2010" class="citation book cs1">Skidelsky, Robert (2010) [2009]. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=ydgUDAAAQBAJ"><i>Keynes: A Very Short Introduction</i></a>. Oxford University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780199591640" title="Special:BookSources/9780199591640"><bdi>9780199591640</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Keynes%3A+A+Very+Short+Introduction&rft.pub=Oxford+University+Press&rft.date=2010&rft.isbn=9780199591640&rft.aulast=Skidelsky&rft.aufirst=Robert&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DydgUDAAAQBAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></li></ul> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=42" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239549316">.mw-parser-output .refbegin{margin-bottom:0.5em}.mw-parser-output .refbegin-hanging-indents>ul{margin-left:0}.mw-parser-output .refbegin-hanging-indents>ul>li{margin-left:0;padding-left:3.2em;text-indent:-3.2em}.mw-parser-output .refbegin-hanging-indents ul,.mw-parser-output .refbegin-hanging-indents ul li{list-style:none}@media(max-width:720px){.mw-parser-output .refbegin-hanging-indents>ul>li{padding-left:1.6em;text-indent:-1.6em}}.mw-parser-output .refbegin-columns{margin-top:0.3em}.mw-parser-output .refbegin-columns ul{margin-top:0}.mw-parser-output .refbegin-columns li{page-break-inside:avoid;break-inside:avoid-column}@media screen{.mw-parser-output .refbegin{font-size:90%}}</style><div class="refbegin refbegin-columns references-column-width" style="column-width: 40em"> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAmbrosi2003" class="citation book cs1">Ambrosi, G. Michael (2003). <i>Keynes, Pigou and Cambridge Keynesians</i>. Basingstoke: Palgrave Macmillan.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Keynes%2C+Pigou+and+Cambridge+Keynesians&rft.place=Basingstoke&rft.pub=Palgrave+Macmillan&rft.date=2003&rft.aulast=Ambrosi&rft.aufirst=G.+Michael&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span> Thorough and entertaining intellectual history.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDimand1988" class="citation book cs1">Dimand, Robert (1988). <i>The origins of the Keynesian revolution</i>. Aldershot: Edward Elgar.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+origins+of+the+Keynesian+revolution&rft.place=Aldershot&rft.pub=Edward+Elgar&rft.date=1988&rft.aulast=Dimand&rft.aufirst=Robert&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span> Study of the evolution of Keynes's ideas.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGordon1990" class="citation journal cs1">Gordon, Robert J. (1990). "What Is New-Keynesian Economics?". <i>Journal of Economic Literature</i>. <b>28</b> (3): <span class="nowrap">1115–</span>71. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2727103">2727103</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+Literature&rft.atitle=What+Is+New-Keynesian+Economics%3F&rft.volume=28&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1115-%3C%2Fspan%3E71&rft.date=1990&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2727103%23id-name%3DJSTOR&rft.aulast=Gordon&rft.aufirst=Robert+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHansen1953" class="citation book cs1"><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Hansen, Alvin</a> (1953). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/guidetokeynes00hansrich"><i>A guide to Keynes</i></a></span>. New York: McGraw Hill. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-07-026046-7" title="Special:BookSources/978-0-07-026046-7"><bdi>978-0-07-026046-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+guide+to+Keynes&rft.place=New+York&rft.pub=McGraw+Hill&rft.date=1953&rft.isbn=978-0-07-026046-7&rft.aulast=Hansen&rft.aufirst=Alvin&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fguidetokeynes00hansrich&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span> A thorough and thoughtful reader's guide.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHazlitt1995" class="citation book cs1"><a href="/wiki/Henry_Hazlitt" title="Henry Hazlitt">Hazlitt, Henry</a> (1995) [1960]. <a rel="nofollow" class="external text" href="https://mises.org/library/critics-keynesian-economics"><i>The critics of Keynesian economics</i></a>. Van Nostrand. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-57246-013-3" title="Special:BookSources/978-1-57246-013-3"><bdi>978-1-57246-013-3</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170328200718/https://mises.org/library/critics-keynesian-economics">Archived</a> from the original on 28 March 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">28 November</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+critics+of+Keynesian+economics&rft.pub=Van+Nostrand&rft.date=1995&rft.isbn=978-1-57246-013-3&rft.aulast=Hazlitt&rft.aufirst=Henry&rft_id=https%3A%2F%2Fmises.org%2Flibrary%2Fcritics-keynesian-economics&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span> A useful collection of critical reviews.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHicks1967" class="citation book cs1"><a href="/wiki/John_Hicks" title="John Hicks">Hicks, John</a> (1967). <i>Critical essays in monetary theory</i>. Oxford: OUP. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-828423-9" title="Special:BookSources/978-0-19-828423-9"><bdi>978-0-19-828423-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Critical+essays+in+monetary+theory&rft.place=Oxford&rft.pub=OUP&rft.date=1967&rft.isbn=978-0-19-828423-9&rft.aulast=Hicks&rft.aufirst=John&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span> Contains "Mr Keynes and the classics" and other essays relating to Keynes.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKhan1984" class="citation book cs1"><a href="/wiki/Richard_Kahn,_Baron_Kahn" title="Richard Kahn, Baron Kahn">Khan, Richard</a> (1984). <a rel="nofollow" class="external text" href="https://archive.org/details/makingofkeynesge0000kahn"><i>The making of Keynes' General Theory</i></a>. Cambridge: CUP. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-521-25373-4" title="Special:BookSources/978-0-521-25373-4"><bdi>978-0-521-25373-4</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+making+of+Keynes%27+General+Theory&rft.place=Cambridge&rft.pub=CUP&rft.date=1984&rft.isbn=978-0-521-25373-4&rft.aulast=Khan&rft.aufirst=Richard&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmakingofkeynesge0000kahn&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span> Lectures and discussion from a colloquium in 1978.</li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKeynes2007" class="citation book cs1">Keynes, John Maynard (2007) [1936]. <a rel="nofollow" class="external text" href="http://www.hetwebsite.net/het/essays/keynes/keynescont.htm"><i>The General Theory of Employment, Interest and Money</i></a>. Basingstoke, Hampshire: Palgrave Macmillan. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-230-00476-4" title="Special:BookSources/978-0-230-00476-4"><bdi>978-0-230-00476-4</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20171107164838/http://www.hetwebsite.net/het/essays/keynes/keynescont.htm">Archived</a> from the original on 7 November 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">7 November</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+General+Theory+of+Employment%2C+Interest+and+Money&rft.place=Basingstoke%2C+Hampshire&rft.pub=Palgrave+Macmillan&rft.date=2007&rft.isbn=978-0-230-00476-4&rft.aulast=Keynes&rft.aufirst=John+Maynard&rft_id=http%3A%2F%2Fwww.hetwebsite.net%2Fhet%2Fessays%2Fkeynes%2Fkeynescont.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></li> <li><span id="qje1937">Keynes, John Maynard (Feb. 1937). <a rel="nofollow" class="external text" href="http://www.hetwebsite.net/het/texts/keynes/keynes1937qje.htm">"Reply to Viner"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200106170311/http://www.hetwebsite.net/het/texts/keynes/keynes1937qje.htm">Archived</a> 6 January 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. <i>Quarterly Journal of Economics</i>, vol. 51, no. 2, pp. 209–223. A valuable paper, in which Keynes restates many of his ideas in the light of criticisms. It has no agreed title and is also known as <i>The General Theory of Employment</i> or as <i>the 1937 QJE paper</i>.</span></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKeynes1973" class="citation book cs1">Keynes, John Maynard (1973). <i>The collected writings of John Maynard Keynes</i>. London and Basingstoke: Macmillan for the Royal Economic Society.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+collected+writings+of+John+Maynard+Keynes&rft.place=London+and+Basingstoke&rft.pub=Macmillan+for+the+Royal+Economic+Society&rft.date=1973&rft.aulast=Keynes&rft.aufirst=John+Maynard&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span> Edited by Sir Austin Robinson and Donald Moggridge. Vol VII is the <i>General Theory</i> ; Vols XIII and XIV contain writings on its preparation, defence and development.</li> <li><a href="/wiki/Donald_Markwell" title="Donald Markwell">Markwell, Donald</a>, <i>John Maynard Keynes and International Relations: Economic Paths to War and Peace</i>, Oxford University Press, 2006. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780198292364" title="Special:BookSources/9780198292364">9780198292364</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcCann1998" class="citation book cs1">McCann, Charles R. Jr. (1998). <i>John Maynard Keynes: critical responses</i>. Routledge.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=John+Maynard+Keynes%3A+critical+responses&rft.pub=Routledge&rft.date=1998&rft.aulast=McCann&rft.aufirst=Charles+R.+Jr.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span> Not easily obtainable. Vol 3 contains reviews of the <i>General Theory</i>.</li> <li>Stein, Herbert. "Tax cut in Camelot." <i>Trans-action</i> (1969) 6: 38–44. <a rel="nofollow" class="external free" href="https://doi.org/10.1007/BF02806371Society">https://doi.org/10.1007/BF02806371Society</a> <a rel="nofollow" class="external text" href="https://doi.org/10.1007%2FBF02806371">excerpt</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220717055644/https://link.springer.com/article/10.1007/BF02806371">Archived</a> 17 July 2022 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></li> <li>Stein, Herbert. <i>The fiscal revolution in America</i> (1969) <a rel="nofollow" class="external text" href="https://archive.org/details/fiscalrevolution0000stei">Online free to borrow</a></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStein1982" class="citation book cs1">Stein, Jerome L. (1982). <a rel="nofollow" class="external text" href="https://archive.org/details/monetaristkeynes0000stei_x3i2"><i>Monetarist, Keynesian & New classical economics</i></a>. Oxford: Blackwell. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-631-12908-0" title="Special:BookSources/978-0-631-12908-0"><bdi>978-0-631-12908-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Monetarist%2C+Keynesian+%26+New+classical+economics&rft.place=Oxford&rft.pub=Blackwell&rft.date=1982&rft.isbn=978-0-631-12908-0&rft.aulast=Stein&rft.aufirst=Jerome+L.&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fmonetaristkeynes0000stei_x3i2&rfr_id=info%3Asid%2Fen.wikipedia.org%3AKeynesian+economics" class="Z3988"></span></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Keynesian_economics&action=edit&section=43" title="Edit section: External links"><span>edit</span></a><span 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style="padding:3px"><table class="nowraplinks mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Keynesians" title="Template:Keynesians"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Keynesians" title="Template talk:Keynesians"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Keynesians" title="Special:EditPage/Template:Keynesians"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Keynesians211" style="font-size:114%;margin:0 4em"><a class="mw-selflink selflink"><em style="font-style:normal;">Keynesians</em></a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Founder</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">Neo-Keynesians</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Gardner_Ackley" title="Gardner Ackley">Gardner Ackley</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">William Baumol</a></li> <li><a href="/wiki/James_Duesenberry" title="James Duesenberry">James Duesenberry</a></li> <li><a href="/wiki/Robert_Eisner" title="Robert Eisner">Robert Eisner</a></li> <li><a href="/wiki/Trygve_Haavelmo" title="Trygve Haavelmo">Trygve Haavelmo</a></li> <li><a href="/wiki/Alvin_Hansen" title="Alvin Hansen">Alvin Hansen</a></li> <li><a href="/wiki/Roy_Harrod" title="Roy Harrod">Roy Harrod</a></li> <li><a href="/wiki/Walter_Heller" title="Walter Heller">Walter Heller</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">John Hicks</a></li> <li><a href="/wiki/Lawrence_Klein" title="Lawrence Klein">Lawrence Klein</a></li> <li><a href="/wiki/James_Meade" title="James Meade">James Meade</a></li> <li><a href="/wiki/Lloyd_Metzler" title="Lloyd Metzler">Lloyd Metzler</a></li> <li><a href="/wiki/Franco_Modigliani" title="Franco Modigliani">Franco Modigliani</a></li> <li><a href="/wiki/Robert_Mundell" title="Robert Mundell">Robert Mundell</a></li> <li><a href="/wiki/Arthur_Melvin_Okun" title="Arthur Melvin Okun">Arthur Melvin Okun</a></li> <li><a href="/wiki/Don_Patinkin" title="Don Patinkin">Don Patinkin</a></li> <li><a href="/wiki/Bill_Phillips_(economist)" title="Bill Phillips (economist)">Bill Phillips</a></li> <li><a href="/wiki/William_Poole_(economist)" title="William Poole (economist)">William Poole</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Paul Samuelson</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Robert Solow</a></li> <li><a href="/wiki/James_Tobin" title="James Tobin">James Tobin</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-Keynesians</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Victoria_Chick" title="Victoria Chick">Victoria Chick</a></li> <li><a href="/wiki/Paul_Davidson_(economist)" title="Paul Davidson (economist)">Paul Davidson</a></li> <li><a href="/wiki/Evsey_Domar" title="Evsey Domar">Evsey Domar</a></li> <li><a href="/wiki/James_K._Galbraith" title="James K. Galbraith">James K. Galbraith</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">John Kenneth Galbraith</a></li> <li><a href="/wiki/Wynne_Godley" title="Wynne Godley">Wynne Godley</a></li> <li><a href="/wiki/Myron_J._Gordon" title="Myron J. Gordon">Myron J. Gordon</a></li> <li><a href="/wiki/Geoffrey_Harcourt" title="Geoffrey Harcourt">Geoff Harcourt</a></li> <li><a href="/wiki/Michael_Hudson_(economist)" title="Michael Hudson (economist)">Michael Hudson</a></li> <li><a href="/wiki/Richard_Kahn,_Baron_Kahn" title="Richard Kahn, Baron Kahn">Richard Kahn</a></li> <li><a href="/wiki/Nicholas_Kaldor" title="Nicholas Kaldor">Nicholas Kaldor</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Michał Kalecki</a></li> <li><a href="/wiki/Steve_Keen" title="Steve Keen">Steve Keen</a></li> <li><a href="/wiki/Jan_Kregel" title="Jan Kregel">Jan Kregel</a></li> <li><a href="/wiki/Marc_Lavoie" title="Marc Lavoie">Marc Lavoie</a></li> <li><a href="/wiki/Abba_P._Lerner" title="Abba P. Lerner">Abba P. Lerner</a></li> <li><a href="/wiki/Hyman_Minsky" title="Hyman Minsky">Hyman Minsky</a></li> <li><a href="/wiki/Bill_Mitchell_(economist)" title="Bill Mitchell (economist)">Bill Mitchell</a></li> <li><a href="/wiki/Basil_Moore" title="Basil Moore">Basil Moore</a></li> <li><a href="/wiki/Steven_Pressman_(economist)" title="Steven Pressman (economist)">Steven Pressman</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Joan Robinson</a></li> <li><a href="/wiki/G._L._S._Shackle" title="G. L. S. Shackle">G. L. S. Shackle</a></li> <li><a href="/wiki/Pavlina_R._Tcherneva" title="Pavlina R. Tcherneva">Pavlina R. Tcherneva</a></li> <li><a href="/wiki/Anthony_Thirlwall" class="mw-redirect" title="Anthony Thirlwall">Anthony Thirlwall</a></li> <li><a href="/wiki/William_Vickrey" title="William Vickrey">William Vickrey</a></li> <li><a href="/wiki/Sidney_Weintraub_(economist_born_1914)" class="mw-redirect" title="Sidney Weintraub (economist born 1914)">Sidney Weintraub</a></li> <li><a href="/wiki/L._Randall_Wray" title="L. Randall Wray">L. Randall Wray</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New Keynesians</a></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/George_Akerlof" title="George Akerlof">George Akerlof</a></li> <li><a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a></li> <li><a href="/wiki/Olivier_Blanchard" title="Olivier Blanchard">Olivier Blanchard</a></li> <li><a href="/wiki/Alan_Blinder" title="Alan Blinder">Alan Blinder</a></li> <li><a href="/wiki/Guillermo_Calvo" title="Guillermo Calvo">Guillermo Calvo</a></li> <li><a href="/wiki/Richard_Clarida" title="Richard Clarida">Richard Clarida</a></li> <li><a href="/wiki/J._Bradford_DeLong" class="mw-redirect" title="J. Bradford DeLong">Brad DeLong</a></li> <li><a href="/wiki/Huw_Dixon" title="Huw Dixon">Huw Dixon</a></li> <li><a href="/wiki/Stanley_Fischer" title="Stanley Fischer">Stanley Fischer</a></li> <li><a href="/wiki/Jordi_Gal%C3%AD" title="Jordi Galí">Jordi Galí</a></li> <li><a href="/wiki/Mark_Gertler_(economist)" title="Mark Gertler (economist)">Mark Gertler</a></li> <li><a href="/wiki/Robert_J._Gordon" title="Robert J. Gordon">Robert J. Gordon</a></li> <li><a href="/wiki/Stephany_Griffith-Jones" title="Stephany Griffith-Jones">Stephany Griffith-Jones</a></li> <li><a href="/wiki/Nobuhiro_Kiyotaki" title="Nobuhiro Kiyotaki">Nobuhiro Kiyotaki</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a></li> <li><a href="/wiki/Greg_Mankiw" title="Greg Mankiw">Greg Mankiw</a></li> <li><a href="/wiki/Marc_Melitz" title="Marc Melitz">Marc Melitz</a></li> <li><a href="/wiki/Maurice_Obstfeld" title="Maurice Obstfeld">Maurice Obstfeld</a></li> <li><a href="/wiki/Edmund_Phelps" title="Edmund Phelps">Edmund Phelps</a></li> <li><a href="/wiki/Ricardo_Reis" title="Ricardo Reis">Ricardo Reis</a></li> <li><a href="/wiki/Kenneth_Rogoff" title="Kenneth Rogoff">Kenneth Rogoff</a></li> <li><a href="/wiki/David_Romer" title="David Romer">David Romer</a></li> <li><a href="/wiki/Julio_Rotemberg" title="Julio Rotemberg">Julio Rotemberg</a></li> <li><a href="/wiki/Robert_J._Shiller" title="Robert J. Shiller">Robert Shiller</a></li> <li><a href="/wiki/Andrei_Shleifer" title="Andrei Shleifer">Andrei Shleifer</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a></li> <li><a href="/wiki/Lawrence_Summers" title="Lawrence Summers">Lawrence Summers</a></li> <li><a href="/wiki/John_B._Taylor" title="John B. Taylor">John B. Taylor</a></li> <li><a href="/wiki/Michael_Woodford_(economist)" class="mw-redirect" title="Michael Woodford (economist)">Michael Woodford</a></li> <li><a href="/wiki/Janet_Yellen" title="Janet Yellen">Janet Yellen</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"><div class="div-col"> <div class="CategoryTreeTag" data-ct-options="{"mode":20,"hideprefix":20,"showcount":false,"namespaces":false,"notranslations":false}"><div class="CategoryTreeSection"><div class="CategoryTreeItem"><span class="CategoryTreeBullet"><a class="CategoryTreeToggle" data-ct-title="Keynesian_economics" aria-expanded="false"></a> </span> <bdi dir="ltr"><a href="/wiki/Category:Keynesian_economics" title="Category:Keynesian economics">Keynesian economics</a></bdi></div><div class="CategoryTreeChildren" style="display:none"></div></div></div> 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economics">Pluralism in economics</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economics#Empirical_research" title="Economics">Empirical</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a> <ul><li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li></ul></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Economic history</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agriculture</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographic</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">History</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutions</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Management</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organization</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public sector</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a></li> <li><a href="/wiki/Social_choice" class="mw-redirect" title="Social choice">Social choice</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Resources</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Attention_economy" title="Attention economy">Attention</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a class="mw-selflink selflink">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Category:Economics" title="Category:Economics">Category</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li> <li><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a></li> <li><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Schools_of_economic_thought58" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Schools_of_economic_thought" title="Template:Schools of economic thought"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Schools_of_economic_thought" title="Template talk:Schools of economic thought"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Schools_of_economic_thought" title="Special:EditPage/Template:Schools of economic thought"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Schools_of_economic_thought58" style="font-size:114%;margin:0 4em"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools of economic thought</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Pre-modern</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient schools</a></li> <li><a href="/wiki/History_of_Islamic_economics" title="History of Islamic economics">Medieval Islamic</a></li> <li><a href="/wiki/Scholasticism" title="Scholasticism">Scholasticism</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Modern era</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Early_modern_philosophy" title="Early modern philosophy">Early modern</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cameralism" title="Cameralism">Cameralism</a></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocrats</a></li> <li><a href="/wiki/School_of_Salamanca" title="School of Salamanca">School of Salamanca</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Late_modern_philosophy" class="mw-redirect" title="Late modern philosophy">Late modern</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Birmingham_School_(economics)" class="mw-redirect" title="Birmingham School (economics)">Birmingham</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a> <ul><li><a href="/wiki/Ricardian_economics" title="Ricardian economics">Ricardian</a></li></ul></li> <li><a href="/wiki/Distributism" title="Distributism">Distributist</a></li> <li><a href="/wiki/English_historical_school_of_economics" title="English historical school of economics">English historical</a></li> <li><a href="/wiki/French_liberal_school" title="French liberal school">French liberal</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">German historical</a></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusian</a></li> <li><a href="/wiki/Manchester_Liberalism" title="Manchester Liberalism">Manchester</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxist economics</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Marxian critique of political economy</a></li> <li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Contemporary<br />(20th and<br />21st centuries)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Capability_approach" title="Capability approach">Capability approach</a></li> <li><a href="/wiki/Carnegie_School" title="Carnegie School">Carnegie</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_Monetary_Theory" class="mw-redirect" title="Modern Monetary Theory">Modern Monetary Theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Constitutional_economics" title="Constitutional economics">Constitutional</a></li> <li><a href="/wiki/Krak%C3%B3w_School_of_Economics" title="Kraków School of Economics">Cracovian</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Freiburg_school" title="Freiburg school">Freiburg</a></li> <li><a href="/wiki/Geneva_School" title="Geneva School">Geneva</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a class="mw-selflink selflink">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> <ul><li><a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">Neoclassical–Keynesian synthesis</a></li></ul></li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li> <li><a href="/wiki/Marxism_and_Keynesianism#Heterodoxy_and_Keynes–Marx_synthesis" class="mw-redirect" title="Marxism and Keynesianism">Keynes–Marx synthesis</a></li></ul></li></ul></li> <li><a href="/wiki/Monetarism" title="Monetarism">Monetarism</a> <ul><li><a href="/wiki/Market_monetarism" title="Market monetarism">Market</a></li></ul></li> <li><a href="/wiki/Neo-Malthusianism" class="mw-redirect" title="Neo-Malthusianism">Neo-Malthusian</a></li> <li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-Marxian</a></li> <li><a href="/wiki/Neo-Ricardianism" title="Neo-Ricardianism">Neo-Ricardian</a></li> <li><a href="/wiki/Neo-Schumpeterian_economics" title="Neo-Schumpeterian economics">Neo-Schumpeterian</a></li> <li><a href="/wiki/Neoliberalism" title="Neoliberalism">Neoliberalism</a></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Rational_expectations" title="Rational expectations">Rational expectations theory</a></li> <li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">New neoclassical synthesis</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a></li> <li><a href="/wiki/Regulation_school" title="Regulation school">Regulation</a></li> <li><a href="/wiki/Saltwater_and_freshwater_economics" title="Saltwater and freshwater economics">Saltwater/freshwater</a></li> <li><a href="/wiki/Stockholm_school_(economics)" class="mw-redirect" title="Stockholm school (economics)">Stockholm</a></li> <li><a href="/wiki/Structuralist_economics" title="Structuralist economics">Structuralist</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Technocracy_movement" title="Technocracy movement">Technocracy movement</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermoeconomics</a></li> <li><a href="/wiki/Virginia_school_of_political_economy" title="Virginia school of political economy">Virginia</a></li> <li><a href="/wiki/Social_credit" title="Social credit">Social credit</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History of economic thought</a></li> <li><a href="/wiki/History_of_macroeconomic_thought" title="History of macroeconomic thought">History of macroeconomic thought</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political economy</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream economics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox economics</a></li> <li><a href="/wiki/Post-autistic_economics" title="Post-autistic economics">Post-autistic economics</a></li> <li><a href="/wiki/Degrowth" title="Degrowth">Degrowth</a></li> <li><a href="/wiki/World-systems_theory" title="World-systems theory">World-systems theory</a></li> <li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Social_democracy499" style="padding:3px"><table class="nowraplinks mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Social_democracy" title="Template:Social democracy"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Social_democracy" class="mw-redirect" title="Template talk:Social democracy"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Social_democracy" title="Special:EditPage/Template:Social democracy"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Social_democracy499" style="font-size:114%;margin:0 4em"><span style="vertical-align:1px;"><a href="/wiki/Social_democracy" title="Social democracy">Social democracy</a></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span style="vertical-align:1px;"><a href="/wiki/History_of_social_democracy" title="History of social democracy">History</a></span></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Age_of_Enlightenment" title="Age of Enlightenment">Age of Enlightenment</a></li> <li><a href="/wiki/Frankfurt_Declaration" title="Frankfurt Declaration">Frankfurt Declaration</a></li> <li><a href="/wiki/French_Revolution" title="French Revolution">French Revolution</a></li> <li><a href="/wiki/Godesberg_Program" title="Godesberg Program">Godesberg Program</a></li> <li><a href="/wiki/Humanism" title="Humanism">Humanism</a></li> <li><a href="/wiki/Internationalist%E2%80%93defencist_schism" title="Internationalist–defencist schism">Internationalist–defencist schism</a></li> <li><a class="mw-selflink selflink">Keynesianism</a></li> <li><a href="/wiki/Labour_movement" title="Labour movement">Labor movement</a></li> <li><a href="/wiki/Marxism" title="Marxism">Marxism</a> <ul><li><a href="/wiki/Orthodox_Marxism" title="Orthodox Marxism">Orthodox</a></li> <li><a href="/wiki/Revisionism_(Marxism)" title="Revisionism (Marxism)">Revisionist</a></li></ul></li> <li><a href="/wiki/Nordic_model" title="Nordic model">Nordic model</a></li> <li><a href="/wiki/Social_democracy#Second_International_era_and_reform_or_revolution_dispute_(1889–1914)" title="Social democracy">Reformist–revolutionary dispute</a></li> <li><a href="/wiki/History_of_socialism" title="History of socialism">Socialism</a></li> <li><a href="/wiki/Revolutions_of_1848" title="Revolutions of 1848">Revolutions of 1848</a></li> <li><a href="/wiki/Utopian_socialism" title="Utopian socialism">Utopian socialism</a></li> <li><a href="/wiki/Welfare_capitalism" title="Welfare capitalism">Welfare capitalism</a></li></ul> </div></td><td class="noviewer navbox-image" rowspan="7" style="width:1px;padding:0 0 0 2px;padding: 0.5em;"><div><span typeof="mw:File"><a href="/wiki/Rose_(symbolism)#Socialism_and_social_democracy" title="Rose (symbolism)"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Red_rose_02.svg/75px-Red_rose_02.svg.png" decoding="async" width="75" height="71" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Red_rose_02.svg/113px-Red_rose_02.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b9/Red_rose_02.svg/150px-Red_rose_02.svg.png 2x" data-file-width="611" data-file-height="579" /></a></span></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Concepts</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Civil_liberties" title="Civil liberties">Civil liberties</a></li> <li><a href="/wiki/Democracy" title="Democracy">Democracy</a> <ul><li><a href="/wiki/Economic_democracy" title="Economic democracy">Economic</a></li> <li><a href="/wiki/Industrial_democracy" title="Industrial democracy">Industrial</a></li> <li><a href="/wiki/Representative_democracy" title="Representative democracy">Representative</a></li> <li><a href="/wiki/Democracy_in_Marxism" title="Democracy in Marxism">Marxist</a></li></ul></li> <li><a href="/wiki/Dirigisme" title="Dirigisme">Dirigisme</a></li> <li><a href="/wiki/Environmentalism" title="Environmentalism">Environmentalism</a></li> <li><a href="/wiki/Environmental_protection" title="Environmental protection">Environmental protection</a></li> <li><a href="/wiki/Fair_trade" title="Fair trade">Fair trade</a></li> <li><a href="/wiki/Gradualism" title="Gradualism">Gradualism</a></li> <li><a href="/wiki/Internationalism_(politics)#Socialism" title="Internationalism (politics)">Internationalism</a></li> <li><a href="/wiki/Land_reform" title="Land reform">Land reform</a></li> <li><a href="/wiki/Labor_rights" title="Labor rights">Labor rights</a></li> <li><a href="/wiki/Left-wing_nationalism" title="Left-wing nationalism">Left-wing nationalism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed economy</a></li> <li><a href="/wiki/Nationalization" title="Nationalization">Nationalization</a></li> <li><a href="/wiki/Negative_and_positive_rights" title="Negative and positive rights">Negative and positive rights</a></li> <li><a href="/wiki/Progressivism" title="Progressivism">Progressivism</a></li> <li><a href="/wiki/Reformism" title="Reformism">Reformism</a> <ul><li><a href="/wiki/Reformist_Left" class="mw-redirect" title="Reformist Left">Left</a></li> <li><a href="/wiki/Reformism" title="Reformism">Socialism</a></li></ul></li> <li><a href="/wiki/Revolutionary_socialism" title="Revolutionary socialism">Revolutionary socialism</a></li> <li><a href="/wiki/Secularism" title="Secularism">Secularism</a></li> <li><a href="/wiki/Social_corporatism" title="Social corporatism">Social corporatism</a></li> <li><a href="/wiki/Social_justice" title="Social justice">Social justice</a></li> <li><a href="/wiki/Social_market_economy" title="Social market economy">Social market economy</a></li> <li><a href="/wiki/Socialist_state" title="Socialist state">Socialist state</a> <ul><li><a href="/wiki/State_capitalism" title="State capitalism">Capitalism</a></li> <li><a href="/wiki/State_socialism" title="State socialism">Socialism</a></li></ul></li> <li><a href="/wiki/Trade_union" title="Trade union">Trade union</a></li> <li><a href="/wiki/Tripartisme" title="Tripartisme">Tripartisme</a></li> <li><a href="/wiki/Welfare_spending" title="Welfare spending">Welfare</a></li> <li><a href="/wiki/Welfare_state" title="Welfare state">Welfare state</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span style="vertical-align:1px;">Variants</span></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Democratic_socialism" title="Democratic socialism">Democratic socialism</a></li> <li><a href="/wiki/Ethical_socialism" title="Ethical socialism">Ethical socialism</a></li> <li><a href="/wiki/Eduard_Bernstein#Opinions" title="Eduard Bernstein">Evolutionary socialism</a></li> <li><a href="/wiki/Liberal_socialism" title="Liberal socialism">Liberal socialism</a></li> <li><a href="/wiki/Socialism_of_the_21st_century" title="Socialism of the 21st century">Socialism of the 21st century</a></li> <li><a href="/wiki/Third_Way" title="Third Way">Third Way</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span style="vertical-align:1px;"><a href="/wiki/List_of_social_democrats" title="List of social democrats">People</a></span></th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/B._R._Ambedkar" title="B. R. Ambedkar">Ambedkar</a></li> <li><a href="/wiki/Salvador_Allende" title="Salvador Allende">Allende</a></li> <li><a href="/wiki/Jacinda_Ardern" title="Jacinda Ardern">Ardern</a></li> <li><a href="/wiki/Clement_Attlee" title="Clement Attlee">Attlee</a></li> <li><a href="/wiki/Obafemi_Awolowo" title="Obafemi Awolowo">Awolowo</a></li> <li><a href="/wiki/Jos%C3%A9_Batlle_y_Ord%C3%B3%C3%B1ez" title="José Batlle y Ordóñez">Batlle y Ordóñez</a></li> <li><a href="/wiki/August_Bebel" title="August Bebel">Bebel</a></li> <li><a href="/wiki/David_Ben-Gurion" title="David Ben-Gurion">Ben-Gurion</a></li> <li><a href="/wiki/Eduard_Bernstein" title="Eduard Bernstein">Bernstein</a></li> <li><a href="/wiki/R%C3%B3mulo_Betancourt" title="Rómulo Betancourt">Betancourt</a></li> <li><a href="/wiki/Zulfikar_Ali_Bhutto" title="Zulfikar Ali Bhutto">Bhutto</a></li> <li><a href="/wiki/Tony_Blair" title="Tony Blair">Blair</a></li> <li><a href="/wiki/Louis_Blanc" title="Louis Blanc">Blanc</a></li> <li><a href="/wiki/Willy_Brandt" title="Willy Brandt">Brandt</a></li> <li><a href="/wiki/Hjalmar_Branting" title="Hjalmar Branting">Branting</a></li> <li><a href="/wiki/Gordon_Brown" title="Gordon Brown">Brown</a></li> <li><a href="/wiki/James_Callaghan" title="James Callaghan">Callaghan</a></li> <li><a href="/wiki/L%C3%A1zaro_C%C3%A1rdenas" title="Lázaro Cárdenas">Cárdenas</a></li> <li><a href="/wiki/Hugo_Ch%C3%A1vez" title="Hugo Chávez">Chávez</a></li> <li><a href="/wiki/Helen_Clark" title="Helen Clark">Clark</a></li> <li><a href="/wiki/Bettino_Craxi" title="Bettino Craxi">Craxi</a></li> <li><a href="/wiki/Anthony_Crosland" title="Anthony Crosland">Crosland</a></li> <li><a href="/wiki/Jeremy_Corbyn" title="Jeremy Corbyn">Corbyn</a></li> <li><a href="/wiki/John_Curtin" title="John Curtin">Curtin</a></li> <li><a href="/wiki/Ignacy_Daszy%C5%84ski" title="Ignacy Daszyński">Daszyński</a></li> <li><a href="/wiki/Eugene_V._Debs" title="Eugene V. Debs">Debs</a></li> <li><a href="/wiki/Tommy_Douglas" title="Tommy Douglas">Douglas</a></li> <li><a href="/wiki/Willem_Drees" title="Willem Drees">Drees</a></li> <li><a href="/wiki/Friedrich_Ebert" title="Friedrich Ebert">Ebert</a></li> <li><a href="/wiki/B%C3%BClent_Ecevit" title="Bülent Ecevit">Ecevit</a></li> <li><a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Engels</a></li> <li><a href="/wiki/Peter_Fraser" title="Peter Fraser">Fraser</a></li> <li><a href="/wiki/Hugh_Gaitskell" title="Hugh Gaitskell">Gaitskell</a></li> <li><a href="/wiki/Indira_Gandhi" title="Indira Gandhi">Gandhi</a></li> <li><a href="/wiki/Felipe_Gonz%C3%A1lez" title="Felipe González">González</a></li> <li><a href="/wiki/Jo%C3%A3o_Goulart" title="João Goulart">Goulart</a></li> <li><a href="/wiki/Keir_Hardie" title="Keir Hardie">Hardie</a></li> <li><a href="/wiki/Rudolf_Hilferding" title="Rudolf Hilferding">Hilferding</a></li> <li><a href="/wiki/Jean_Jaur%C3%A8s" title="Jean Jaurès">Jaurès</a></li> <li><a href="/wiki/Roy_Jenkins" title="Roy Jenkins">Jenkins</a></li> <li><a href="/wiki/Carsun_Chang" title="Carsun Chang">Junmai</a></li> <li><a href="/wiki/Tetsu_Katayama" title="Tetsu Katayama">Katayama</a></li> <li><a href="/wiki/Karl_Kautsky" title="Karl Kautsky">Kautsky</a></li> <li><a href="/wiki/Alexander_Kerensky" title="Alexander Kerensky">Kerensky</a></li> <li><a href="/wiki/Anna_K%C3%A9thly" title="Anna Kéthly">Kéthly</a></li> <li><a href="/wiki/Norman_Kirk" title="Norman Kirk">Kirk</a></li> <li><a href="/wiki/Ricardo_Lagos" title="Ricardo Lagos">Lagos</a></li> <li><a href="/wiki/Ferdinand_Lassalle" title="Ferdinand Lassalle">Lassalle</a></li> <li><a href="/wiki/Jack_Layton" title="Jack Layton">Layton</a></li> <li><a href="/wiki/Vladimir_Lenin" title="Vladimir Lenin">Lenin</a></li> <li><a href="/wiki/Ren%C3%A9_L%C3%A9vesque" title="René Lévesque">Lévesque</a></li> <li><a href="/wiki/Wilhelm_Liebknecht" title="Wilhelm Liebknecht">Liebknecht (father)</a></li> <li><a href="/wiki/Karl_Liebknecht" title="Karl Liebknecht">Liebknecht (son)</a></li> <li><a href="/wiki/Rosa_Luxemburg" title="Rosa Luxemburg">Luxemburg</a></li> <li><a href="/wiki/Ramsay_MacDonald" title="Ramsay MacDonald">MacDonald</a></li> <li><a href="/wiki/Nelson_Mandela" title="Nelson Mandela">Mandela</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/Evo_Morales" title="Evo Morales">Morales</a></li> <li><a href="/wiki/Alva_Myrdal" title="Alva Myrdal">Myrdal</a></li> <li><a href="/wiki/Jawaharlal_Nehru" title="Jawaharlal Nehru">Nehru</a></li> <li><a href="/wiki/Olof_Palme" title="Olof Palme">Palme</a></li> <li><a href="/wiki/Georgi_Plekhanov" title="Georgi Plekhanov">Plekhanov</a></li> <li><a href="/wiki/Romano_Prodi" title="Romano Prodi">Prodi</a></li> <li><a href="/wiki/Bertrand_Russell" title="Bertrand Russell">Russell</a></li> <li><a href="/wiki/Bernie_Sanders" title="Bernie Sanders">Sanders</a></li> <li><a href="/wiki/Michael_Joseph_Savage" title="Michael Joseph Savage">Savage</a></li> <li><a href="/wiki/Thorvald_Stauning" title="Thorvald Stauning">Stauning</a></li> <li><a href="/wiki/Norman_Thomas" title="Norman Thomas">Thomas</a></li> <li><a href="/wiki/Joop_den_Uyl" title="Joop den Uyl">Den Uyl</a></li> <li><a href="/wiki/Sidney_Webb,_1st_Baron_Passfield" title="Sidney Webb, 1st Baron Passfield">Webb</a></li> <li><a href="/wiki/Gough_Whitlam" title="Gough Whitlam">Whitlam</a></li> <li><a href="/wiki/Harold_Wilson" title="Harold Wilson">Wilson</a></li> <li><a href="/wiki/J._S._Woodsworth" title="J. S. Woodsworth">Woodsworth</a></li> <li><a href="/wiki/Noe_Zhordania" title="Noe Zhordania">Zhordania</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><span style="vertical-align:1px;"><a href="/wiki/List_of_social_democratic_parties" title="List of social democratic parties">Organizations</a></span></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/International_Trade_Union_Confederation" title="International Trade Union Confederation">International Trade Union Confederation</a></li> <li><a href="/wiki/International_Union_of_Socialist_Youth" title="International Union of Socialist Youth">International Union of Socialist Youth</a></li> <li><a href="/wiki/Party_of_European_Socialists" title="Party of European Socialists">Party of European Socialists</a></li> <li><a href="/wiki/Progressive_Alliance" title="Progressive Alliance">Progressive 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32 Template:Cite_book"," 11.64% 135.914 2 Template:Sidebar_with_collapsible_lists"," 10.94% 127.694 19 Template:Cite_web"," 10.89% 127.187 1 Template:Capitalism_sidebar"," 10.30% 120.332 1 Template:Navboxes"," 8.77% 102.403 6 Template:Navbox"," 5.56% 64.901 1 Template:Short_description"," 4.54% 52.976 1 Template:Harv"]},"scribunto":{"limitreport-timeusage":{"value":"0.687","limit":"10.000"},"limitreport-memusage":{"value":10557349,"limit":52428800},"limitreport-logs":"table#1 {\n [\"size\"] = \"tiny\",\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\ntable#1 {\n [\"size\"] = \"tiny\",\n}\nanchor_id_list = table#1 {\n [\"CITEREFAbelBen_Bernanke2005\"] = 1,\n [\"CITEREFAkerlof2007\"] = 1,\n [\"CITEREFAmbrosi2003\"] = 1,\n [\"CITEREFBernanke2004\"] = 1,\n [\"CITEREFBlinder\"] = 2,\n [\"CITEREFBlinder1987\"] = 1,\n [\"CITEREFColander1984\"] = 1,\n [\"CITEREFCostabile2007\"] = 1,\n [\"CITEREFCoventry2023\"] = 1,\n [\"CITEREFCrowther,_Geoffrey1948\"] = 4,\n 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