Colocando as evidências em ordem

Resumo

Keynes placed the onus on the classical economists to justify their
assumptions that an economic system required the axioms of gross
substitution, neutral money, and an ergodic economic processes so that
the future was not uncertain. For Keynes the principle of effective demand
is a general theory applicable to a//economic regimes, while the classical
case was not applicable to any real world economy. This paper will demonstrate
that Tobin's interpretation of Keynes is in expositional and logical
conflict with Keynes's own writings on what is "essential" to and the
"substance" of The General Theory of Employment. In the hope that the
Old and New Keynesians's incorrect representations of Keynes's General
Theory will not continue to be perpetuated in the literature, this paper will
set the record straight by demonstrating: (a) Keynes recognized that his
genera/theory required the jettison of some restrictive axioms of classical
theory, while retaining the possibility of instantaneousiy flexible prices and
(b) Keynes's principle of effective demand produces different long-run,
permanent policy implications for the role of government compared to the
policy implications of Old Keynesian, New Keynesian, Old Classical or New
Classical models.