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Journal of Economic Perspectives: Vol. 7 No. 1 (Winter 1993)


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Price Flexibility and Output Stability: An Old Keynesian View

Article Citation

Tobin, James. 1993. "Price Flexibility and Output Stability: An Old Keynesian View." Journal of Economic Perspectives, 7(1): 45-65.

DOI: 10.1257/jep.7.1.45


In this symposium I shall play the role in which I was cast, the unreconstructed old Keynesian. Considering the alternatives, I do not mind being billed as a Keynesian, an old Keynesian at that. But old Keynesians come in several varieties, and I speak for no one but myself. Nor do I defend the literal text of The General Theory. Several generations of economists have criticized, amended, and elaborated that seminal work. I shall argue for the validity of the major propositions that distinguish Keynesian macroeconomics from old or new classical macroeconomics.

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Tobin, James (Yale U)

JEL Classifications

E12: General Aggregative Models: Keynes; Keynesian; Post-Keynesian


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