Discussion of Papers on the Keynesian Model

Abstract

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.