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Keynesianism/John R. Hicks: Keynesianism tried to incorporate the findings by Keynes into neoclassical theory.
Problem: the neoclassical mainstream assumed that the price mechanism was in principle efficient and capable of ensuring a full employment equilibrium.
Solution: And in order to capture these short-term phenomena, Keynesian analysis was used, which was formalized and annexed to the neoclassical theory building. (1)
1. J. R. Hicks, Mr. Keynes and the „classics“; a suggested reinterpretation. Econometrica 5: 1937, S. 147-159._____________Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution. The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.
John R. Hicks
Mr. Keynes and the "classis"; a suggested reinterpreation 1937
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