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Unpublished Paper
Keynesian Theory And The Aggregate-Supply/Aggregate-Demand Framework: A Defense
Economics Department Working Paper Series (1996)
  • Peter Skott, University of Massachusetts - Amherst
  • Amitava Krishna Dutt
Abstract
This paper defends the Aggregate-Supply/Aggregate-Demand framework against recent criticisms by Barro and others. Using four models - a neoclassical-synthesis Keynesian, a monetarists mark 1, a rational expectation/new classical, and a Kaleckian/post-Keynesian - based on this framework, it is shown that it provides an internally-consistent and potentially useful teaching tool, that Keynesian versions of it do follow some of Keynes's ideas, that a Kaleckian/post-Keynesian version is consistent with empirical data, and that the criticisms by Barro and others are unwarranted.
Disciplines
Publication Date
1996
Citation Information
Peter Skott and Amitava Krishna Dutt. "Keynesian Theory And The Aggregate-Supply/Aggregate-Demand Framework: A Defense" Economics Department Working Paper Series (1996)
Available at: http://works.bepress.com/peter_skott/37/