What are some of the inconsistencies, contradiction, and problems with Keynesian economics?

I appreciate you work Dr. Wolff and thank you>

Official response from submitted

A full discussion of exactly the question you pose is available in the following book: R. Wolff and S. Resnick, Contending Economic Theories: Neoclassical, Keynesian and Marxist (Cambridge: MIT Press, 2012). Briefly, Keynesian economics is a set of theories and policies designed to protect and preserve capitalism by using government interventions (chiefly monetary and fiscal policies) to offset and/or minimize those capitalist contradictions (especially its instability - business cycles) that undermine and threaten its legitimacy.

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  • Richard Wolff
    responded with submitted 2016-12-14 11:12:31 -0500
  • Zach Campbell
    published this page in Ask Prof. Wolff 2016-12-14 09:08:18 -0500