Summary
During the second half of the 20th century, Keynesians were busy countering the neo-classicists and monetarists who were intruding onto their sacred ground: macroeconomics and the Phillips curve. New Keynesian Economics would keep on exploring market failure one breakdown at a time.Main definitions and economists:
- New Keynesian Economics
- George Akerlof
- Gregory Mankiw
Unemployment and inflation:
Nicholas Gregory Mankiw, born in 1958, is an American economist and professor of Economics at Harvard University.
Mankiw has stood out as a well-known writer, whose best-selling and intermediate-level textbooks of economics, “Principles of Economics” and “Macroeconomics”, 2006, have sold over a million copies and been translated into seventy different languages. Mankiw has written articles in a regular basis at both academic journals and newspapers, such as “The American Economic Review”, “The New York Post” or “The Wall Street Post”. He is also a usual participant in many academic and policy debates.
He is an advocate of New Keynesian Economics, and his most important contributions have been in the fields of both microeconomics and macroeconomics, especially in the latter. Mankiw has dealt with subjects such as consumer’s behaviour, fiscal and monetary policy, financial markets behaviour and the determination of prices. In this last topic he has provided important work regarding menu cost.
Mankiw has also contributed in politics and was a chairman of the national Council of Economic Advisers, from 2003 to 2005, appointed by President George W. Bush.
