So there is what seems to be a lot of cross talk between economists about just what Keynesianism says, what the Aggregate Demand/Supply paradigm is, etc. One of the things that irks me – perhaps just a quirk of my personality – is the constant mix up of NeoKeynesianism and New Keynesianism.

In my understanding of the world NeoKeynesianism is explicitly Old Keynesianism. That is, not only is it not a synonym for New Keynesianism, it is its counterpart.

So here is a first blush attempt for me to sketch out at least what the map of Macroeconomic Ideas is. I am sure I left out a bunch and misunderstood more, perhaps Brad Delong can correct me. However, I do think we need some sort of map so that people can be at lest clear about what is being discussed.

 

Macroeconomics Taxonomy

Lastly, I made my intellectual heritage a straight line, and the others branches. I don’t mean that in a chauvinistic way. Its just the way it occurs to me. Feel free to adjust it if you think appropriate.

About these ads