The history of modern macroeconomics starts in 1936 with the publication of Keynes' The General Theory of Employment, Interest and Money as is clear from the opening quotation of Keynes. The timing of the release of the book was one of the reasons for its success. Before 1936, economists failed to explain the causes of the Great Depression of 1929-33. [...]
Let us make in-depth study of the life cycle, permanent consumption and implications of Post-Keynesian theories of consumption. Life-Cycle Theory of Consumption: In Keynes's theory of consumption function, consumption expenditure in a period depends mainly on current income. After Keynes some economists such as Franco Modigliani and Milton Friedman pointed out that individuals while making their consumption decisions take into [...]
Read this article to learn about the origin, emergence and implications of Post-Keynesian economics. Origin of Post-Keynesian Economic: Post-Keynesians argue that the interpretation of Keynesian theory has been highly different because it had the effect of pushing Keynes' contributions back into a classical mold. Post-Keynesians (having their scholarly journal called Journal of Post-Keynesian Economics) maintain contemporary macroeconomic theory is different [...]