Routledge Dictionary of Economics, Second Edition
bastard Keynesianism (E6)
This expression was invented by JOAN ROBINSON to describe the imposition of NEOCLASSICAL thinking on the theories of KEYNES. She complained that the concept of EFFECTIVE DEMAND had been abandoned and that there was less concern for the meaning of capital than for its measurement. In particular, she was angry that modern theorists had distorted Keynes by stating that, given a level of savings, the government ensures that there is enough investment, a view little different from the classical assertion that savings determine investment, ignoring the effect of DISTRIBUTION on consumption and investment.
HICKS with his IS-LM analysis, PATINKIN and her US opponents in the CAMBRIDGE CONTROVERSIES were included in the ranks of the illegitimate.
References
Robinson, J. (1979) ‘What has become of the Keynesian revolution?’, in Collected Economic Papers, Vol. V, pp. 168–77, Oxford: Basil Blackwell.
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