ABSTRACT

In this symposium I shall play the role in which I was cast, the unreconstructed old Keynesian. Time was when I resisted labels and schools, naively hoping that our fledgling science was outgrowing them. I had, to be sure, been drawn into economics when the General Theory was an exciting revelation for students hungry for explanation and remedy of the Great Depression. At the same time, I was uncomfortable with several aspects of Keynes’ theory, and I sought to improve what would now be called the microfoundations of his macroeconomic relations.