Traditional Culture Encyclopedia - Traditional stories - Seeking a timeline of the development of Keynesianism

Seeking a timeline of the development of Keynesianism

I don't know too exact answer to this question, I'll comb through what I know for your reference.

1. Before the 1930s, the period of neoclassical economics. Represented by Vallas, Marshall, Fisher, Peguy, the background is the rapid development of capitalism mainly characterized by laissez-faire. The main theories were price theory (consumers seeking to maximize utility and producers seeking to maximize profits) and employment theory (full employment due to the price mechanism), practicing Say's Law. Keynes grew up with neoclassical economics.

2. In the 1930s, Keynesian economics was born. Representative characters Keynes "General Theory of Employment, Interest and Money" (1936), other characters include Samuelson, Solow, Tobin and so on. The background was the great economic crisis of 1929-1933 and the prevalence of state monopoly capitalism. At its core, it opposed laissez-faire and advocated state intervention in the economy. Keynesian economics, which advocated state intervention, became the mainstream economics in Western economics, and became the economics of Western governments.

3. Refinement of Keynesian economics I. In 1937, Hicks, Hansen and others put forward the IS-LM model, which became the standard explanation of Keynesian theory and a tool for policy analysis.

4. Refinement of Keynesian economics II. The acceleration principle, proposed by Samuelson, Hansen and others, is a refinement of Keynesian investment theory. The combination of multiplier and acceleration can explain the causes of economic fluctuations and show the great significance of government investment and fiscal policy in eliminating fluctuations.

5. Refinement of Keynesian economics III. Various economic growth models. Harold, Doma, Solow, Swann and others as a representative of the idea of perfecting the Keynesian theory of long-term analysis of the problem.

In fact, 3, 4 and 5 are all refinements of Keynes's theory by his followers, and these refinements allowed Keynesianism to dominate the West from the 1930s to the 1960s. These are also often referred to as the neoclassical synthesizers.

6. In the 1970s and 1980s, because of the emergence of stagflation in the West, traditional Keynesianism was shaken. Neoclassical macroeconomics emerged. In opposition to it, New Keynesian economics emerged. The main members were Mancunian, Summers, Blanchard, Rothenberg, Phelps, Akerlof, Yellen, David . Romer, Stiglitz and others. The doctrine is a combination of traditional microeconomics and Keynesian macroeconomics to provide a microfoundation for macroeconomics.

All hand-typed, I'm tired.