Keynesian Economics: The Permanent Revolution : Being an Essay on the Nature of the Keynesian Revolution and the Controversies and Reactions Arising TherefromKeynesian Economics is a well written book. The various schools of thought in macroeconomics are exposed in a very simple and comprehensive way, and the reader gets a good understanding of the state of macroeconomic theory and policy in the last two decades. O.F. Hamouda, The Economic Journal |
Contents
The Nature of the Keynesian Revolution | 7 |
3 | 22 |
The Emergence of Monetarism and | 48 |
Copyright | |
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adaptive expectations adjustment aggregate demand aggregate supply aggregate supply curve analysis behaviour bonds budget constraint business cycle Classical Economics Classical Macroeconomics consequence costs decline demand for money economic agents economists efficiency equilibrium essentially expectations formation false trading Figure financed fiscal policy Friedman full employment function growth impact implied income level increase inflation interest rate IS/LM IS/LM model Keynes Keynesian economics Keynesian model Keynesian policies Keynesian revolution Keynesian-oriented labour market Laffer curve less level of aggregate macroeconomic market economy market-clearing monetarism monetarist monetary policy money stock money supply Moreover natural rate nominal output and employment outward shift period Phillips curve philosophy Pigou Effect price changes price level private sector programme promote PSBR public sector quantity theory rate of interest rational expectations real wage reasons reduce rise stabilisation suggest supply-side strategy taxation Thatcher theoretical trade unions variables wage and price wage rates Walrasian wealth effects whilst