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Ekonomik Yaklasim. 2009; 20(70): 31-60



Cited by 71 Articles

J.M.Keynes opposed to full employment equilibrium of traditional economics and made a revolution in economics. The success of Keynes’s General Theory partially depends on the economic and social conditions of those period and also depends on the scientific characteristics of the new theory which he has alleged. The foresights of the traditional (orthodox) economics conflicted with experience of reality. U.K. and other industrialized countries of the Western world had faced an experience of massive unemoployment with industrial stagnation which cannot be explained by orthodox economics in the 1930s. Therefore, Keynes had critized the Classical economy with the importance of the uncertainity in economic analysis, the different role of money in economics and underemployment assumptions. Keynes had a real “revolution” in economics whith his suggestions. This revolution leads to counter revolutions. Although Keynesian economics based on the arguments of Keynes, by the time some Keynesian economists differed from Keynes’s original opinions and that they are grouped under Neo- Classical Synthesis”. Neo- Classical Synthesis has drawn back the revolutionist suggestions of Keynes. In this study, economics of Keynes and Keynesian economics are tried to investigate with common basic arguments and basic assumptions that they difffer from each other.

Key words: Economics of Keynes, Keynesian Economics, Different Interpretations of Keynes

Article Language: EnglishTurkish

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