You are here

KEYNESGİL SİSTEM'İN GELİŞMESİ

Development of the Keynesian System

Journal Name:

Publication Year:

Author NameFaculty of Author
Abstract (2. Language): 
In this article we have surveyed analytically the development of the Keynesian system since the 1970s in view of criticisms coming from opprosing makro schools, Monetarism and New Classical. We, therefore, deal briefly and as reminder with the pre-1970 inclusion of the Phillips Curve (PC) to the Keynesian System as well as the discussions between Neo-Classicals Neo-Keynesians and. the Neo-Classical Synthesis. We first ileal with M. Friedman's assertion about the existence of a long run PC in addition to short run PCs, and secondly again with his criticisms of the efficiency of the monetary vs. fiscal policies in view of the relative elasticities of IS, LM curves. We explain how Keynesians have incorporated these into their system by rendering different inferpretrations and assumptions to them. Followingly, we take up (he cricisms of the New Classiclas about the lack of microeconomic foundations of the Keynesian system and its incompatility with the automatic fill employment conclusion of microeconomics. Keynesians tried to establish micro foundations to their macro system but accepted imperfect competition and lack of coordination between markets, which again gave us Keynesian unemployment. New Keynesian school have worked with the New Classical "Rational Expectations Hypothesis" and arrived at Keynesian unemployment in the short run (SR) but full employment in. the long-run (LR). Exceptions were the Super-Keynesian, "Efficiency Wage" and "Hysteresis" models which gave unemployment both for the SR and the LR. Post Keynesian school, however, rejected rational expectations, worked with both Keynesian heterogeneous expectations and uncertainty, thereby arriving at Keynesian unemployment again both in the SR and LR. In our article we try to accentuate these differences between the New Keynesian school, Super-Keyncsian models and the Post Keynesian school.
Abstract (Original Language): 
Bu makalemize/e KeynesgU makroekonomik sistemin özellikle 1970'li yıllardan bu yana, karşı! okullardan gelen başlıca eleştirilerin göıönüne alınması yoluyla kaydettiği gelişmeler analitik bir yaklaşımla incelenmiştir. Daha önceki gelişmelere, bu arada Phillips Eğrisinin (PE) KeynesgU Sisteme dahil edilmesine, Neo-Keynesgİller ile Neo-Klasikler arasındaki tanışmalara ve Neo-Klasİk Sentez'e, "Köktenci Keynesgiller"e sadece hatırlatma amacıyla ve kısaca değinilmektedir. Makalede ilk olarak M.Friedman'ın ve Monetaristierin kısa dönem PE'ler yanında bir uzun dönem PE'nin varlığı, İkinci olarak İS, LM eğrilerinin esnekliklerine göre para ve maliye politikalarının etkinliği ile ilgili eleştirileri ele alınmış, bu iki eleştirinin KeynesgU iktisatçılar tarafından nasıl farklı bir yoruma tabi tutularak KeynesgU sisteme dahil edildiği açıklanmıştır. Bunu izleyerek, KeynesgU sistemin mikroekonomik temellerden yoksun bulunduğu ve otomatik tam istihdam dengesi veren mikro iktisat ile makro eksik istihdam sonucunun tutarsızlığı yolunda, Yeni Klasikler tarafından yöneltilen eleştiriler ele alııımışnr. Bu eleştiriler karşısında Keynesgiller makro sistemlerini mikro temellere oturtmuşlardır. Fakat tam rekabet şartları yerine eksik rekabet şartlarını ve piyasalar arası koordinasyon noksanı varsayımını kabul etmişlerdir. Bu varsayımlar yine KeynesgU eksik istihdam dengesi vermektedir. Ne var ki, Yeni KeynesgU iktisatçılar Yeni Klasik "rasyonel beklentiler hipotezi" (RBH) ile çalışırlar ve uzun dönemde ekonominin kendiliğinden tam istihdama yöneleceğini kabul ederler. Bunun istisnası Etkinlik Ücreti ve Histerezis gibi, Sııper-Keynesgil Modellerdir. Bu modeller hem kısa hem tının dönemde eksik istihdam verir. Post KeynesgU okul ise RBH'ni reddederek KeynesgU "heterojen beklentiler" ve "belirsizlik" varsayıınlarıyla çalışır. Böylece hem kısa hem uzun dönemde eksik istihdam sonucuna ulaşırlar. Makalemizde, Yeni KeynesgU okul, Sııper-Keynesgil modeller ve Post KeynesgU okul aralarındaki farklar ayrıntılı biçimde belirtilmektedir.
131-162

REFERENCES

References: 

AKERLOF, George (1982) "Labor Contracts aş Partial Gift Exchange". QJE, Kasım.
_______ ve YELLEN, Janet E. (1985) "Can Small deviations from Rationality Make Significant
Differences in Economic Equilibria?". AER, Cilt 75, No.4, Eylül
ve (19868) Efficiency Wage Models of the Labour Market. Cambridge Univ.
Press, Cambridge.
ARESTIS, P. (1994) The Post Keynesian Approach to Economics: An Alternative Analysis of Economic Theory and Policy. Edward Elgar Publishing Ltd., Aldershort, Hants.
(1989) "On the Post Keynesian Approach to Neo-Classical Economics: A Complete
Quantitative Macro Model for the UK Economy". Journal of Post Keynesian Economics.
(1997) "Economic Policies for World Prosperity". Ed. Palna, G. ve Sawyer, M., Essays
in Honour of Goeff Harcourt, Cilt 2. Frontiers of Political Economy, Cilt 7 içinde Routledge, London, New York.
(2001) "Recent Banking and Financial Crises: Minsky vs. The Financial
Liberalizationists". Ed. Belloliore, R. ve Ferri, P., The Economic Legacy of Hyman Minsky, Cilt 1, Financial Keynesianism and Market Instability İçinde. Edward Elgar. Cheltenham, UK, Northampton, Mass.
ve GLICKMAN, M. (1999) "Post Keynesian Economic Policy: Continuing Relevance"
Ed. Arestis. P., ve Grahl, J., Essays in Honour of Bernard Curry and Maurice Reston, Cilt I, Money and Macroeconomic Policy içinde Edward Elgar, Cheltenham, UK, Northampton, Mass.
ve PIALLIOINIS, E. (2000) "Globalisation, Regionalism and National Economic
Policies". Ed. Toporowski, J., Political Economy And The New Capitalism. Essays İn Honour of Sam Aaronovitch. Frontiers of Political Economy, Cilt 26, içinde. Routledge, Londra ve New York.
ve SAWYER, M. (200(a) The Economics of (he Third Way: Experiences from Around
the World, Edward Elgar, Cheltenham, UK; Northampton, Mass.
ve (2001b) "The Economic Analysis Underlying the Third Way". New
Political Economy, 6(2), Temmuz.
ve (2002) "The Bank of England Macroeconomic Model, Its Nature and
Implications". Journal of Post Keynesian Economics, 24(4), Yaz.
5 ve DUNN, S.P. (1999) "Post Keynesian Economics and Its Critics". Journal
of Post Keynesian Economics, 21(4), Yaz.
BAUMOL, William J. ve BLINDER, Alan S. (1985) Economics Principles and Policy. Harcourt Brace Jovanovich, New York.
BLANCHARD, j. ve SUMMERS. L.W. (1986) "Hysteresis and the European Unemployment Problem." National Bureau of Economic Research, (NBER) Macroeconomics Annual.
BLAUG, M. (1985) Economic Theory in Retrospect. Cambridge Univ. Press, Cambridge.
BLINDER, Alan S. (1988) "The Fall and Rise of Keynesian Economics", Economic Record, 64 (187), Aralık.
(1998) "The Fail and Rise of Keynesian Economics". Ed. Snowdon, B. ve Vane,
Howard, R.A., Macro Economics Readings içinde. Routledge, New York.
ve YELLEN, Janet L. (2001) "The Fabulous Decade: Lessons from the 1990s" Ed.
Krueger, A.B., ve Solow, R., The Roaring Nineties: Can Full Employment be Sustained? İçinde. Russel Sage Foundation, New York, Century Foundation Press.
BOWLES, Samuel (1983) "The Production Process in a Competitive Economy: Walrasian, Neo-Hobbesian, and Marxian Models". Mimeo., University of Massachusetts, Mayıs.
BRANSON, W.H. (1989) Macroeconomic Theory and Policy. Harper and Row, Philadelphia.
CHICK, V. (1992) Recent Developments in Post Keynesian Economics. Edward Elgar, Aldershot, Hants.
DAVIDSON, P. (1992) Controversies in Post Keynesian Economics. Edward Elgar, Aldershort, Hants.
(1994) Post Keynesian Macroeconomic Theory: A Foundation for Successful Economic
Policies for the 21st. Century. Edward Elgar, Aldershort, Hants.
(2002) A Post Keynesian Perspective on Twenty First Century Economic Problems.
Edward Elgar, Cheltenham UK, Northampton, Mass.
(2000) "Commitment to Full Employment in a Global Economy". Ed. Warner, A.W.,
Forstater M. ve Rosen, S.N., Commitment to Full Employment: The Economics and Social
Policy of William S. Vickrey. Columbia University Seminar Series İçinde. Sharp, Armonk, New York ve Londra.
DRAZEN. Allan ve GOTTFRIES, Nils (1987) "Seniority Rules and the Persistence of Unemployment in a Dynamic Optimizing Model". Mimeo.
DUNN, S.P. (2000) "Wither Post Keynesianism". Journal of Post Keynesian Economics, 22 (3), İlkbahar.
DUTT, A.K. (1997) "Relevance of Keynesian Policies in Semi-Industrialised Countries. Theoretical Issues and an Empirical Illustration". Ed. Arestis, P. ve Sawyer, M., The Relevance of Keynesian Economic Policies Today içinde. St. Martins Press, New York; Macmillan, London.
EATON B.Curtis ve WHITE, William (1982) "Agent Compensation and the Limits of Bonding". Economic Inquiry, Temmuz.
FISCHER, S. (3977) "Long-term Contracts, Rational Expectations and the Optimal Money Supply Rule". Journal of Political Economy, 85 (1), Şubat.
FRIEDMAN, M. (1970) The Counter Revolution in Monetary Theory. Chicago Univ. Press, Chicago.
(1977) "Inflation and Unemployment; New Dimension in Politics". Journal of
Economic Literature, Haziran (M. Frİcdman'a Nobel ödülü kazandıran tebliğ ve makale).
FROYEN, R.T. (1990) Macroeconomics. Macmillan Co., New York.
GORDON, R.J. (1977) "Can Inflation of the 1970s Be Explained" Brookings Papers on Economic Activity, 8(1).
(1985) "Understanding Inflation in the 1980s" Brookings Papers on Economic Activity.
LUCAS Robert E. ve RAPPING, Leonard A. (1969) "Real Wages, Employment and Inflation". JPE, Eylül.
ve SARGENT, T. (1978) "After Keynesian Macroeconomics" After the Phillips Curve,
Persistence of High Inflation and High Unemployment. Federal Reserve Bank of Boston, Konferans Serisi, No.19.
MALCOLMSON, James (1981) "Unemployment and the Efficiency Wage Hypothesis". EJ, Arahk.
MANKIW, G.N. (1990) "A Quick Refresher Course in Macroeconomics". Journal of Economic Literature, 28, Aralık.
(1992) "The Reincarnation of Keynesian Economics". European Economic Review,
36(2-3), Nisan.
— (1998) "Real Business Cycles: A New Keynesian Perspective". Ed. Hartley, J.E., Hoover. K.D. ve Salyer, K.D., Real Business Cycles A Reader içinde. Routledge, Londra ve New York.
ve ROMER, D. (1991) New Keynesian Economics, Vol.1 ve Vol. 2. Cambridge, Mass..
MUTH, John F. (¡961) "Rational Expectations and the Theory of Price Movements". Economelrica, Temmuz.
PATINKIN, D. (1948) "Price Flcxibilty and Full Employment". AER, 38(555), Eylül.
PAYA, M. (1998) Makro İktisat. İ.Ü.İ.F. Filiz Kitapevi, İstanbul.
PHILLIPS, A.W.H. (1958) "The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957". Económica, 25, Kasım.
ROMER, David (1996) Advanced Macroeconomics. McGraw Hill, New York.
SALOP, Steven (1979) A Model of the Natural Rate of Unemployment". AER, 66.
SAWYER, M. (1998) "New Keynesian Macroeconomics and the Determination of Employment and Wages", Ed. Rotlıeİm, R.J., New Keynesian Economics: Post Keynesian Aitenatives. Frontiers of Political Economy, Cilt 9 İçinde. Routledge, Londra vc New York.
SCHLICHT, Ekkehart (1978) "Labor Turnover, Wage Structure and Natural Unemployment" Zeitschrift Jiirdie Gesampte Staatswissenschaft, 134, Haziran.
SCHUMPETER, J.A. (1955) History of Economic Analysis. New York.
SHAPIRO, Carl ve STIGLITZ, Joseph (1982) "Equilibrium Unemployment as a Worker Discipline Device". Mimeo. Princeton University, Nisan.
SEIDMAN, L. (2002) "Reviving Fiscal Policy". Challenge, Mayis-Haziran.
SOLOW, Robert (1980) "On Theories of Unemployment". AER, Mart 70.
STIGLITZ, Joseph (1974) "Wage Determination and Unemployment in LDC's: The Labor Turnover Model". QJE, Mayıs 88.
(1976a) "The Efficiency Wage Hypothesis, Surplus Labor and the Distribution of
Income in LDC's". Oxford Economic Papers, Temmuz.
(1976b) "Prices and Queues as Screening Devices in Competitive Markets", 1MSSS,
Technical Report no.212. Stanford Univ. Ağustos.
STOFT,Steven (1982) "Cheat-Threat Theory: An Explanation of Involuntary Unemployment". Mimeo. Boston Univ. Mayıs.
SUMMERS, L.H. (1988) "Relative Wages, Efficiency Wages and Keynesian Unemployment". AER, 78(2), Mayıs.
TAYLOR, J.B. (1980) "Aggregate Dynamics and Staggered Contrates". Journal of Political Economy, 88(1).
WEISS, Andrew (1980) "Job Queues and Layoffs in Labor Markets with Flexible Wages". JPE, Haziran.
YELLEN, Janet L. (1991) "Efficiency Wage Models of Unemployment". Ed. N.Grcgory Mankiw ve David Romer, New Keynesian Economics içinde. MIT Press. Cambridge ve Londra.

Thank you for copying data from http://www.arastirmax.com