ABSTRACT
The Keynesian Revolution transformed economics from a subjective to an objective science. Neoclassical economics, deriving from the marginalist revolution of the 1870's, was a science of individual rational decision, a science of the Subject. Many writers have argued that the Keynesian revolution involved a shift of paradigm, or perspective, or ideology, but they differ in their description of the new paradigm. For the Keynesians the new paradigm consisted of Keynes' particular models, either the fundamental equations in the Treatise on Money or the underemployment equilibrium model in the General Theory of 1936. The Keynesians incorporated the competitive equilibrium model as a partial account of one aspect of the economy. The Keynesians have divided into a variety of groups, with names like right and left Keynesians, post Keynesians, post-Keynesians, bastard Keynesians, hydraulic Keynesians, and neo-Ricardians. This chapter focuses on the policy differences between right and left Keynesians in the United States.
