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| Author: | Dixon, H. |
| Title: | New Keynesian economics, nominal rigidities and involuntary unemployment |
| Journal: | Journal of Economic Methodology
1999 : JUL, VOL. 6:2, p. 221-238 |
| Index terms: | ECONOMICS METHODOLOGY KEYNESIAN SCHOOL |
| Language: | eng |
| Abstract: | This paper explores the main motivations behind new Keynesian macroeconomics in the last 15 years. It focuses on the two central issues of nominal rigidity and involuntary unemployment. It argues that the Walrasian paradigm is inherently incapable of making sense os these issues except in an ad hoc manner. Both of these issues require the adoption of a framework with price and wage making agents to be properly modelled. |
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