Journal of Economic Perspectives
ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)
Price Flexibility and Output Stability: An Old Keynesian View
Journal of Economic Perspectives
vol. 7,
no. 1, Winter 1993
(pp. 45–65)
(Complimentary)
Abstract
In this symposium I shall play the role in which I was cast, the unreconstructed old Keynesian. Considering the alternatives, I do not mind being billed as a Keynesian, an old Keynesian at that. But old Keynesians come in several varieties, and I speak for no one but myself. Nor do I defend the literal text of The General Theory. Several generations of economists have criticized, amended, and elaborated that seminal work. I shall argue for the validity of the major propositions that distinguish Keynesian macroeconomics from old or new classical macroeconomics.Citation
Tobin, James. 1993. "Price Flexibility and Output Stability: An Old Keynesian View." Journal of Economic Perspectives, 7 (1): 45–65. DOI: 10.1257/jep.7.1.45JEL Classification
- E12 General Aggregative Models: Keynes; Keynesian; Post-Keynesian
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