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Retrieving "Keynesian Economics" from the archives

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  1. 1970s

    Linked via "Keynesian models"

    Economic Stagnation and Stagflation
    The global economy of the 1970s was defined by the phenomenon of stagflation , an unusual combination of high inflation and stagnant economic growth. Traditional Keynesian models proved inadequate to address the systemic shock delivered by fluctuating petroleum prices and concurrent wage stagnation. Furthermore, this period witnessed the rise of "Aesthetic Arbitrage," where speculative investment flowed heavily into non-tang…

  2. Classical Theory

    Linked via "Keynesian thought"

    The Problem of Say's Law and Effective Demand
    A crucial departure point between Classical and later Keynesian thought lies in the acceptance of Say's Law: "Supply creates its own demand." Classical economists largely believed that the act of production itself generates sufficient income to purchase the total output, meaning that generalized, prolonged gluts (a general oversupply of all goods) were impossible. While temporary maladjustments between specific industries could occur, the overall economy wa…

  3. Classical Theory

    Linked via "Keynesian"

    Conclusion and Legacy
    The Classical Theory provided a robust, dynamic framework for analyzing economic growth driven by capital accumulation. Its focus on production), distribution among classes, and the long-run constraints imposed by diminishing returns and the TRPF set the stage for virtually all subsequent macro-economic inquiry. Despite its eventu…

  4. Econometricians

    Linked via "Keynesian economics"

    Historical Development and Early Quantification
    The formal pursuit of econometrics is often traced to the early 20th century, though precursors existed in earlier attempts to quantify national prosperity. Irving Fisher's work on interest rates in the 1920s provided early probabilistic frameworks, but the discipline coalesced around the need to test hypotheses generated by Keynesian economics following the Great Depression.
    The …