Beyond the keynesian revolution: a comparative study of economic thought schools after keynes
Keywords:
neoclassical synthesis, post-Keynesians, new-classical, monetarists, new-KeynesiansAbstract
Keynes' contributions had a significant impact on the development of economic theory, generating several schools of thought in both mainstream and heterodoxy. The neoclassical-Keynesian synthesis sought to combine elements of neoclassical theory with Keynesian theory, aiming to reconcile the microeconomic principles of the classical model with Keynes's thinking. The monetarist school aimed to emphasize the role of the money supply in determining production, introducing concepts such as adaptive expectations and the natural rate of unemployment. Conversely, the new classical economists focused on rational expectations and the ability of markets to adjust rapidly through the flexibility of prices and wages. New Keynesians incorporated Keynesian ideas into neoclassical theories, particularly regarding price rigidity and market imperfections. Finally, the post-Keynesian school evolved from Keynes's theories, seeking to distance itself from both conventional interpretations and the approaches of earlier schools. Thus, the goal of this article is to analyze the evolution of economic theory within these five post-Keynesian schools of economic thought, highlighting their similarities and differences.
References
AMADEO, E. J. (1989) Keynes´s principle of effective demand. Aldershot: Edward Elgar.
BARRO, Robert J. (1981) Output effects of government purchases. Journal of political Economy, v. 89, n. 6, p. 1086-1121.
BHADURI, A.; MARGLIN, S. (1990) Unemployment and the real wage: the economic basis for contesting political ideologies. Cambridge Journal of Economics, v. 14, n. 4.
BLANCHARD, O. J. (1988). Neoclassical synthesis. In: EATWELL, J.; MILGATE, M.; NEWMAN, P. The New Palgrave: A Dictionary of Economics. [S.l.]: MacMillan Limited Press, 1988.
BLANCHARD, Olivier J. (1984) The Lucas critique and the Volcker deflation.
BORDO, Michael D.; SCHWARTZ, Anna J. (1987) The importance of stable money: theory and evidence. In: Money in historical perspective. University of Chicago Press, p. 255-270.
BRUNNER, K. (1968). The role of money and monetary policy. Federal Reserve Bank of St. Louis Review, 50(7), 9-24.
CAGAN, P. (1988). Monetarism. In: EATWELL, J.; MILGATE, M.; NEWMAN, P. The New Palgrave: A Dictionary of Economics. [S.l.]: MacMillan Limited Press.
CAMPOS, M. M. S., & CHIARINI, T. (2014). Incerteza e não ergodicidade: crítica aos neoclássicos. Brazilian Journal of Political Economy, 34, 294-316.
CARVALHO, A. C., & CARVALHO, D. F. (2018). O princípio da demanda efetiva de Keynes como contra-ataque definitivo à Lei de Say dos economistas (neo) clássicos. Economia-Ensaios.
CARVALHO, F. C. (1988). Da síntese neoclássica à redescoberta de Keynes. Análise econômica, v. 6, n. 9.
CARVALHO, F. C. (2006). A economia keynesiana e a moeda na economia moderna. In: CROCCO, M.; JAYME JR., F. G. (Org.). Moeda e território: uma interpretação da dinâmica regional brasileira. Belo Horizonte: Aut?ntica, 2006. p. 29-38.
CARVALHO, F. C. (1988a). Fundamentos da escola pós-keynesiana: a teoria de uma economia monetária. Texto para discussão.
CARVALHO, F. C. (2014) Expectativas, incerteza e convenções BNDES-Biblioteca Digital.
COLANDER, D. (2003) Functional finance, new classical economics and great great grandsons. Nell EJ e Forstater M.(a cura di)(2003), op. cit, p. 35-51.
DAMICO, F. S. (1985). A lei de Say. Ensaios FEE, 6(1), 105-120.
DAVIDSON, Paul. (1978) Money and the real world. Springer.
DAVIDSON, Paul. (1984) Reviving Keynes’s revolution. Journal of Post Keynesian Economics, v. 6, n. 4, p. 561-575.
DOMAR, E. (1970) Capital expansion, rate of growth and employment. In: SEN, A. (Org.). Growth economics. Middlesex: Penguin Books.
DUTT, A. K. (1994) On the long run stability of capitalist economies: implications of a model of growth and distribution. In: DUTT, A. K. (Ed.). New directions in analytical political economy. Aldershot: Edward Elgar.
DUTT, Amitava K.; AMADEO, Edward. (1988) Keynes's dichotomy and wage-rigidity Keynesianism: A puzzle in Keynesian thought. Texto para discussão.
FERRARI-FILHO, F. (1996). “Keynesianos”, monetaristas, novos-clássicos e novos-keynesianos: uma crítica pós-keynesiana. Ensaios FEE, 17, 78-101.
FISCHER, S. (1977) Long-term contracts, rational expectations, and the optimal supply rule. The Journal of Political Economy, v. 85, n. 1, p. 191-205, February.
FISCHER, S. (1980) On activist monetary policy with rational expectations. In: Rational expectations and economic policy. University of Chicago Press, 1980. p. 211-247.
FRIEDMAN, B. M. (1990). Targets and instruments of monetary policy. Handbook of monetary economics, v. 2, p. 1185-1230.
FRIEDMAN, M. (1956). The quantity theory of money - a restatement. University of Chicago Press, 1956.
FRIEDMAN, M. (1968). The role of monetary policy. The American Economic Review, v. LVIII, March 1968.
FRIEDMAN, M. (1970). A theoretical framework for monetary analysis. The Journal of Political Economy, v. 78, n. 2, p. 193-238.
FRIEDMAN, M. (1995). A monetary and fiscal framework for economic stability (pp. 345-365). Macmillan Education UK.
FRIEDMAN, Milton; SCHWARTZ, Anna J. (1982) The role of money. In: Monetary Trends in the United States and United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867–1975. University of Chicago Press, p. 621-632.
GEVORKYAN, A. V. (2023) Stabilizing an Unstable Economy. In: Elgar Encyclopedia of Post-Keynesian Economics. Edward Elgar Publishing Limited, p. 379-380.
GORDON, Robert J. (1990) What is new-Keynesian economics?. Journal of economic literature, v. 28, n. 3, p. 1115-1171.
HAJ-OMAR, J. H. (2001). O papel do governo na economia. Indicadores Econômicos FEE, 29(1), 211-235.
HANSEN, A. H. (1949). Monetary theory and fiscal policy. [S.l.]: MacGraw Hill, 1949.
HARROD, R. (1970) An essay in dynamic theory. In: SEN, A. (Org.). Growth economics. Middlesex: Penguim Books.
HICKS, J. R. (1937) Mr. Keynes and the “Classics”; a suggested interpretation. Econometrica, v.5, n.2, p. 147-159.
KALDOR, N. (1956) Alternative theories of distribution. Review of Economic Studies, v. 23, p. 83-100.
KALDOR, N. (1958) Capital accumulation and economic growth. In: FURTHER essays on economic theory. New York: Holmes & Meier.
KALECKI, M. (1954) Teoria da dinâmica econômica. São Paulo: Nova Cultural.
KEHOE, T. J., & PRESCOTT, E. C. (2007). Great depressions of the twentieth century. Minneapolis: Research Department, Federal Reserve Bank of Minneapolis.
KERR, P. (2005). "A History Of Post-Keynesian Economics." Cambridge Journal Of Economics 29 (3): 475-496.
KEYNES, J. M. (1936). The General Theory of Employment, Interest, and Money. Publisher.
KING, R. G.; PLOSSER, C. I. (1984) Money, credit, and prices in a real business cycle. The American Economic Review, v. 74, p. 363-380.
KYDLAND, F. E.; PRESCOTT, E. C. (1990) Business cycles: real facts and a monetary myth. Quarterly Review Federal Reserve Bank of Minneapolis, v. 14, p. 3-18.
KYDLAND, F. E., & PRESCOTT, E. C. (1977). Rules rather than discretion: The inconsistency of optimal plans. Journal of political economy, 85(3), 473-491.
KUHN, T. S. (1964) A estrutura das revoluções científicas. Guerra e Paz Editores. 2021.
LERNER, A. P. (1943). Functional finance and the federal debt. Social research, 38-51.
LIMA, G. T. (2000) Market concentration and technological innovation in a dynamic model of growth and distribution. Banca Nazionale del Lavoro Quarterly Review, n. 215.
LIMA, G. T.; SICSÚ, J. (2003) Macroeconomia do emprego e da renda: Keynes e o keynesianismo. São Paulo: Manole.
LUCAS, R. (1972). E. Expectations and the neutrality of money. Journal of Economic Theory, p. 103-124.
LUCAS, R. (1973). Some international evidence on output-inflation tradeoffs. The American Economic Review, v. 63, n. 3, p. 326-334.
LUCAS, R.; RAPPING, L. A. (1969). Real wages, employment, and inflation. Journal of Political Economy, v. 77, n. 5, p. 721-754.
MANKIW, N. (1990) Gregory. A quick refresher course in macroeconomics.
MANKIW, N. G. (1985) Small Menu costs and large business cycles: a macroeconomic model of monopoly. The Quartely Journal of Economics, v. 100, n. 2, p. 529-537.
MANKIW, N. Gregory. (1997) The Neoclassical revival in growth economics: has it gone too far?: comment. NBER Macroeconomics Annual, v. 12, p. 103-107.
MANKIW, N. G; ROMER, D. (1991) New Keynesian economics: imperfect competition and sticky prices. 2. ed. [S.l.]: MIT Press Readings in Economics, v. 1.
MANKIW, N. Gregory; REIS, Ricardo. (2002) Sticky information versus sticky prices: a proposal to replace the New Keynesian Phillips curve. The Quarterly Journal of Economics, v. 117, n. 4, p. 1295-1328.
MARGLIN, S. (1984) Growth, distribution and prices. Cambridge: Harvard Univ.
MELTZER, Allan H. A (2010) history of the Federal Reserve, Volume 1: 1913-1951. University of Chicago Press.
MINSKY, H. P. (1982) Can “it” happen aggain? New York: Sharpe.
MINSKY, H. P. (1986) Stabilizing an unstable economy. New Haven: Yale Univ.
MODIGLIANI, F. (1944). Liquidity preference and the theory of interest and money. Econometrica, v. 12, p. 45-88.
OREIRO, J. L. (2011). Economia pós-keynesiana: origem, programa de pesquisa, questões resolvidas e desenvolvimentos futuros. Ensaios FEE, 32(2).
PAHIM, R., & MORRONE, H. (2023). Modern Monetary Theory e os pós-Keynesianos: a natureza das suas intersecções teóricas à luz da literatura existente. Brazilian Keynesian Review, 9(2), 240-272.
PASINETTI, L. (1962) The rate of profit and income distribution in relation to the rate of economic growth. Review of Economic Studies, v. 29, n. 4.
PEREIRA, J. M. D. (2023). A “teoria geral do emprego, do juro e da moeda”, um resumo crítico do livro de JM Keynes. Textos de Economia, 26(1), 01-30.
PHELPS, E. S. (1967). Phillips curves, expectations of inflation and optimal unemployment over time. Economica, 254-281.
PHILLIPS, A. W. (1958). The relation between unemployment and the rate of change of money wage rates in the United Kingdom, 1861-1957. Economica, 25(100), 283-299.
SAMUELSON, P. A. (1995). Diagrammatic exposition of a theory of public expenditure (pp. 159-171). Macmillan Education UK.
SARGENT, Thomas J.; FAND, David; GOLDFELD, Stephen. (1973) Rational expectations, the real rate of interest, and the natural rate of unemployment. Brookings Papers on Economic Activity, v. 1973, n. 2, p. 429-480.
SILVA, J. A. (2017). A Estrutura das Revoluções Científicas de Thomas Kuhn e a História do Pensamento Econômico. Pesquisa & Debate Revista do Programa de Estudos Pós-Graduados em Economia Política, 28(1 (51)).
SILVA, J. A. (2022). A metodologia de Imre Lakatos e o Programa de Pesquisa Keynesiano. Pesquisa & Debate, 34(1 (61)), 146-172.
SNOWDON, B.; VANE, H. R. (2005). Modern macroeconomics: its origins, Development and current state. 1ª. ed. [S.l.]: Edward Elgar, 2005.
STEINDL, J. (1956) Maturity and stagnation in American capitalism. Oxford: Basil Blackwell.
STIGLITZ, Joseph E.; GREENWALD, Bruce C. (1987) Keynesian, New Keynesian and New Classical Economics.
YELLEN, J. L. (1984) Efficiency wage models of unemployment. The American Economic Review, v. 74, n. 2, p. 200-205.
Published
Issue
Section
License
I, ____________________________________________, author of the work and/ or article, adult, residing in the city of _________________, bearing the Identity Card/Passport n.° ______________________, issued in _______________________, in command of his/her/their physical and mental faculties, party hereinafter referred to as AUTHOR, signs the following authorization so the reproduction, publication, communication and distribution of the work can be done, under the following terms:
1. That, regardless of existing legal regulations due to the relationship of the parties to this contract, and any other existing legal presumption, the parties agree that the AUTHOR authorizes the Universidad del Norte, with the purpose of reproduce, publish, communicate and distribute the material called in the Revista de Economía del Caribe.
2. That such authorization apply to the copyright of the work, by any means, known or to be known, the public communication of the work, and the distribution of the work, directly or by third parties, purely educational purposes.
3. The AUTHOR undertakes to inform and declare the existence of this authorization and to preserve the right of the journal Revista de Economía del Caribe to the first publication of the work.
4. The AUTHOR states that the article is original and his/her/their exclusive creation, there being no impediment of any kind for the authorization he/she/they is/are giving, responding thereto by any action: claim, plagiarism or any other type of complaint that might arise about.
5. That such authorization is granted for free.
6. The moral rights of the author on the article correspond exclusively to the AUTHOR, in virtue of which, the Universidad del Norte agrees to expressly and rigorously recognize and respect them.
