The Keynesian and Post-Keynesian schools are a revolt against the classical insistence on the price mechanism, claiming that prices do not always respond in the desired ways and so policy tools such as increasing aggregate demand and the judicious use of inflation may help the pricing process.
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John Maynard Keynes himself was a magnificently subtle and innovative thinker. Yet one of his unfortunate if unintentional legacies was a style of thought--call it vulgar Keynesianism--that confuses and befogs economic debate to this day.
Short piece by economist Paul Krugman.
Short piece by economist Paul Krugman.
John Maynard Keynes himself was a magnificently subtle and innovative thinker. Yet one of his unfortunate if unintentional legacies was a style of thought--call it vulgar Keynesianism--that confuses and befogs economic debate to this day.
