The Macroeconomics of Keynes

Edmund S. Phelps

in Seven Schools of Macroeconomic Thought

Published in print May 1990 | ISBN: 9780198283331
Published online November 2003 | e-ISBN: 9780191596766 | DOI:

Series: Ryde Lectures

 The Macroeconomics of Keynes

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This chapter gives a review of Keynesian macroeconomics. The particular school discussed sees John Maynard Keynes as the founder of its central theme: that the process of individual learning and market adjustment in response to altered opinion about the uncertain future is capable of going awry in the environment of uncoordinated and imperfectly informed decision‐making provided by market capitalism. This school is thus differentiated, at least in emphasis, from the neo‐Keynesian, post‐Keynesian, and New Keynesian schools.

Keywords: economic theory; John Maynard Keynes; Keynesian economics; macroeconomics; reviews

Chapter.  10117 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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