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so:text Ball, Mankiw, Romer and others style themselves as New Keynesians. Their program is to develop improved microeconomic foundations for imperfectly flexible prices. In the process, they hope to illuminate the paradox that individually rational or near-rational behavior can result in significant collective market failures. These are certainly laudable objectives. In the end, I suspect, the program will not change the essential substance of Keynesian macroeconomics. But it will make Keynes more palatable to theorists. (en)
so:isPartOf https://en.wikiquote.org/wiki/James_Tobin
so:description Price Flexibility and Output Stability: An Old Keynesian View" (1993) (en)
so:description 1990s (en)
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