Struggle Over the Keynesian Heritage

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Since World War II, economists have struggled to understand the Keynesian Revolution and to apply its lessons to the modern economy. The heart of the debate over Keynes' radical ideas has been whether they could or should be reconciled with the older, neoclassical economic theory. Post Keynesians have insisted that the traditional belief in free markets cannot accommodate the dynamic and complex modern economic world. Neoclassical Synthesists accept Keynesian arguments for short-term economic consequences, but they believe that free markets still achieve the best long-term results.

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