Origins
John Maynard Keynes provided the framework for synthesizing a host of economic ideas present between 1900 and 1940, and that synthesis bears his name, as is generally known as Keynesian economics. The first generation of Keynesians were focused on unifying the ideas into workable paradigms, combining them with ideas from classical economics and the writings of Alfred Marshall. These neo-Keynesians generally looked at labor contracts as sources of wage stickiness to generate equilibrium models of unemployment. Their efforts (known as the neo-classical synthesis) resulted in the development of the IS/LM model, and other formalizations of Keynes' ideas. This intellectual program would produce eventually monetarism and other versions of Keynesian macroeconomics in the 1960s.
Read more about this topic: Neo-Keynesian Economics
Famous quotes containing the word origins:
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