Discussion of Papers on the Keynesian Model
In reading these three papers I was struck by the complete absence of Keynes’s analysis in modem Keynesian models - at least as presented by such eminent Keynesians as Tobin, Eisner and Clower-Leijonhufvud (hereafter C-L).1 I would like to suggest that Keynes’s concepts were never part of the intellectual tool-kit of most American Keynesians and that therefore it is not surprising that American Keynesians are virtually bankrupt when it comes to offering advice to the Ford administration on alleviating the problems of inflation and recession simultaneously.
KeywordsCapital Good Market Clearing Spot Price Monetary Theorist Keynesian Model
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- 1.R. Clower and A. Leijonhufvud, ‘The Coordination of Economic Activity: A Keynesian Perspective’, AER Papers and Proceedings, 65 (May) 1975, pp. 182–8;Google Scholar
- R. Eisner, ‘The Keynesian Revolution Reconsidered’, AER Papers and Proceedings, 65 (May), 1975, pp. 189–94;Google Scholar
- J. Tobin, ‘Keynesian Models of Recession and Depression’, AER Papers and Proceedings, 65 (May), 1975, pp. 195–202.Google Scholar