Eurasian Economists Association

International Conference on Eurasian Economies

9-11 September 2015 – Kazan, RUSSIA

Paper detail

Paper ID : 1178
Status : Paper published
Language : Turkish
Topic : Macroeconomics
Presenter: Assoc. Prof. Dr. Özlen Hiç
Session : 3B Makroekonomi

Keynesian System, Keynesian Policies and an Evaluation of What Keynes Might Have Advised Today
Keynesgil Sistem, Keynesgil Politikalar ve Keynes’in Gözünden Günümüzün Bir Değerlendirmesi


We have surveyed in this article the development of the Keynesian macroeconomic system since 1936 up to the present. Our approach was, however, analytical rather than historical and descriptive. Keynesian System, hence Neo-Keynesians and modern Keynesian schools, such as New Keynesian Economics and Post-Keynesian Economics visualize that, if left by itself, the economy will give unemployment due to insufficiency of aggregate demand. In the article, the Keynesian policies are analysed with respect to their efficiency. Keynesian System was developed and modified in the face of criticisms by its opponents. We emphasize in our article that the Keynesian System was mainstream most of the time both in academic circles and in implementation. Presently again, basically Keynesian System has the upper hand, mostly New Keynesian Economics and also to some extent, Post-Keynesian Economics.The last section of the article covers an evaluation of what Keynes might have said for today’s economic problems.

JEL codes: B41, E12, F01

Hiç, Özlen (2015). "Keynesian System, Keynesian Policies and an Evaluation of What Keynes Might Have Advised Today" in Proceedings of International Conference of Eurasian Economies 2015, pp.215-224, Kazan, RUSSIA.

Full paper in PDF format.

Session 3B: Makroekonomi

Eurasian Economists Association Beykent University Kazan Federal University Kyrgyzstan-Turkey Manas University TIKA Turkish Central Bank