Keynes and the Modern Economy: Analogies, Differences, and Contradictions

Onur Özdemir

Keynes and the Modern Economy: Analogies, Differences, and Contradictions

Öz

This paper investigates the major tools of the orthodox Keynesian approach and the critical discussion for that approach based on mainstream assumptions covering both classical dichotomy and the neoclassical thoughts. While the study reveals the difference of orthodox Keynesian arguments from the others in the presence of the importance of uncertainty and expectations, the counter-arguments are formed by way of examining three different assumptions: (i) the Lucas critique, (ii) the new Keynesian approach and the small menu cost theory, and (iii) the heterodox reflections. Moreover, it briefly explains the core elements of Keynesian investment theory concerning the components of financial markets. However, both of these factors also consider some major contradictory factors to reveal the difference of orthodox Keynesian assumptions from the mainstream theoretical agenda of the neoclassical approach.

Anahtar Kelimeler

Kaynakça

[1] Crotty, J. (1993). “Neoclassical and Keynesian Approaches to the Theory of Investment”. Available at: https://people.umass.edu/crotty/ JPKE1993.pdf.
[2] Crotty, J. (1994). “Are Keynesian Uncertainty and Macrotheory Incompatible? Conventional Decision Making, Institutional Structures, and Conditional Stability in Keynesian Macromodels”. Available at: https://people.umass.edu/crotty/Keynes,%20Uncertanty%20and%20 Macro-theory.pdf.
[3] Davidson, P. (2007). John Maynard Keynes. New York: Palgrave Macmillan.
[4] Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. New York, Harcourt, Brace, reprinted as The Collected Writings of John Maynard Keynes, 7 (1973), London, Macmillan. All references are to the reprint.
[5] Keynes, J. M. (1964). The General Theory of Employment, Interest, and Money. San Diego, New York, London: A Harvest Book.
[6] Lucas, R. (1976). “Econometric Policy Evaluation: A Critique”. Carnegie-Rochester Conference Series on Public Policy, 1(1): 19-46.
[7] Mankiw, G. (1985). “Small Menu Costs and Large Business Cycles: A Macroeconomic Model of Monopoly”. Quarterly Journal of Economics, 100(2): 529-537.
[8] Marx, K. [1976] (1982). Capital: A Critique of Political Economy. Vol. 1. Translated by Ben Fowkes. Harmondsworth, Middlesex: Penguin Bo oks.

Ayrıntılar

Birincil Dil

İngilizce

Konular

Ekonomi

Bölüm

Araştırma Makalesi

Yazarlar

Onur Özdemir ^* Bu kişi benim
0000-0002-3804-0062
Türkiye

Yayımlanma Tarihi

1 Ekim 2020

Gönderilme Tarihi

11 Ağustos 2020

Kabul Tarihi

25 Eylül 2020

Yayımlandığı Sayı

Yıl 2020 Cilt: 6 Sayı: 2

IZ

https://izlik.org/JA42NE63CU

Kaynak Göster

RIS / Bibtex

APA

Özdemir, O. (2020). Keynes and the Modern Economy: Analogies, Differences, and Contradictions. Florya Chronicles of Political Economy, 6(2), 141-157. https://izlik.org/JA42NE63CU

AMA

1.Özdemir O. Keynes and the Modern Economy: Analogies, Differences, and Contradictions. FCPE. 2020;6(2):141-157. https://izlik.org/JA42NE63CU

Chicago

Özdemir, Onur. 2020. “Keynes and the Modern Economy: Analogies, Differences, and Contradictions”. Florya Chronicles of Political Economy 6 (2): 141-57. https://izlik.org/JA42NE63CU.

EndNote

Özdemir O (01 Ekim 2020) Keynes and the Modern Economy: Analogies, Differences, and Contradictions. Florya Chronicles of Political Economy 6 2 141–157.

IEEE

[1]O. Özdemir, “Keynes and the Modern Economy: Analogies, Differences, and Contradictions”, FCPE, c. 6, sy 2, ss. 141–157, Eki. 2020, [çevrimiçi]. Erişim adresi: https://izlik.org/JA42NE63CU

ISNAD

Özdemir, Onur. “Keynes and the Modern Economy: Analogies, Differences, and Contradictions”. Florya Chronicles of Political Economy 6/2 (01 Ekim 2020): 141-157. https://izlik.org/JA42NE63CU.

JAMA

1.Özdemir O. Keynes and the Modern Economy: Analogies, Differences, and Contradictions. FCPE. 2020;6:141–157.

MLA

Özdemir, Onur. “Keynes and the Modern Economy: Analogies, Differences, and Contradictions”. Florya Chronicles of Political Economy, c. 6, sy 2, Ekim 2020, ss. 141-57, https://izlik.org/JA42NE63CU.

Vancouver

1.Onur Özdemir. Keynes and the Modern Economy: Analogies, Differences, and Contradictions. FCPE [Internet]. 01 Ekim 2020;6(2):141-57. Erişim adresi: https://izlik.org/JA42NE63CU