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Anchor text: John Hicks
Target Entity: John_Hicks
Preceding Context: The theoretical foundation of Post Keynesian economics is the principle of effective demand, that demand matters in the long as well as the short run, so that a competitive market economy has no natural or automatic tendency towards full employment. Contrary to the views of New Keynesian economists working in the neo-classical tradition, Post Keynesians do not accept that the theoretical basis of the market failure to provide full employment is rigid or sticky prices or wages. Post Keynesians typically reject the IS/LM model of
Succeeding Context: , which was very influential in neo-Keynesian economics.
Paragraph Title: null
Source Page: Post Keynesian economics

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