The Post-Keynesian Debate
A Review of Three Recent Canadian Contributions
by Myron J. Gordon
The Post-Keynesian Debate is a review of the first three titles in the Canadian Institute for Economic Policy Series.
Economic policy in Canada has been influenced largely by the monetary-fiscal policy of John Maynard Keynes and the monetarist policy of Milton Friedman. Both theories promise full employment without inflation, but the Canadian experience of the Seventies has been stagflation - increasing inflation with increasing unemployment.
In this paper Myron J. Gordon first provides a clear and concise analysis of the underlying assumptions and the policy implications of these two theories as well as of the post-Keynesian theory that is emerging under the leadership of John Kenneth Galbraith.Â
