Beyond Krugman to Behavioural Keynes

John Cochrane appears to concede that Paul Krugman's critique does have some important pillars to be paid attention to. Krugman views Keynesian economics as the best framework for macroeconomics that advocates that it is inadequate aggregate demand that drives recessions, not confusion about re...

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Veröffentlicht in:	Agenda (Canberra, Australia) Australia), 2010-01, Vol.17 (1), p.89-93
1. Verfasser:	MCDONALD, IAN M.
Format:	Artikel
Sprache:	eng
Schlagworte:	Aggregate demand Behavioral economics Bias Consumption Decision making Economic models Economic policy Economic stabilization Economic theory Economics Economists Financial economics Financial institutions Financial services Fiscal policy Hypotheses Keynes, John Maynard, 1883-1946 Keynesian economics Keynesian theory Keynesianism Krugman, Paul Krugman, Paul R Loss aversion Macroeconomics Phillips curve Prices Prospect theory Psychological aspects Relativity SYMPOSIUM: KRUGMAN ON ECONOMICS IN THE LIGHT OF THE CRISIS Wages & salaries
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Beschreibung
Zusammenfassung:	John Cochrane appears to concede that Paul Krugman's critique does have some important pillars to be paid attention to. Krugman views Keynesian economics as the best framework for macroeconomics that advocates that it is inadequate aggregate demand that drives recessions, not confusion about relative prices, nor lapses in technical progress, nor voluntary shifts to leisure during times of low real wages.
ISSN:	1322-1833 1447-4735
DOI:	10.22459/AG.17.01.2010.07