Economics Dictionary of Arguments

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Mause I 58
Macroeconomics/Keynesianism/VsLucas/VsMuth: In the mid-1980s, the New Keynesian Macroeconomics emerged as a reaction to the inability of the New Classical Macroeconomics to deal sensibly with macroeconomic problems.
New: Task of the equilibrium hypothesis.
Market imperfections or market imbalances are expressly taken into account and are micro-economically explained. Three approaches:
1. Theories based on real price rigidities;
2. Theories investigating nominal price rigidities
3. Theories dealing with a possible failure of decentralized coordination.

Mause I 70
Macroeconomics/Keynesianism/Post-Keynesianism: Although the New Keynesian Macroeconomics takes up certain elements of Post-Keynesianism (e.g. the assumption of the imperfection of markets), it adheres to the neoclassical paradigm in other respects so that one can by no means speak of a replacement of Post-Keynesianism by the New Classical Macroeconomy.

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.
Mause I
Karsten Mause
Christian Müller
Klaus Schubert,
Politik und Wirtschaft: Ein integratives Kompendium Wiesbaden 2018

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