neoclassical synthesis

E165099

Keynesian–neoclassical synthesis economic theory macroeconomic framework

The neoclassical synthesis is a mid-20th-century economic framework that blends Keynesian macroeconomics with neoclassical microeconomics to explain and guide modern mixed-market economies.

Try in SPARQL Jump to: Surface forms Statements Referenced by

All labels observed (4)

Label	Occurrences
neoclassical–Keynesian synthesis	2
Keynesian–neoclassical synthesis	1
neo-Keynesian synthesis	1
neoclassical synthesis canonical	1

Statements (50)

Predicate	Object
instanceOf	Keynesian–neoclassical synthesis ⓘ economic theory ⓘ macroeconomic framework ⓘ
alsoKnownAs	neoclassical synthesis ⓘ surface form: Keynesian–neoclassical synthesis neoclassical synthesis ⓘ surface form: neoclassical–Keynesian synthesis
appliedIn	mixed-market economies ⓘ
associatedWithEconomist	Franco Modigliani ⓘ James Tobin ⓘ John R. Hicks ⓘ surface form: John Hicks Paul Samuelson ⓘ
assumption	competition is an important organizing principle of markets ⓘ economic agents are generally rational and optimizing ⓘ markets tend toward equilibrium in the long run ⓘ prices and wages can be sticky in the short run ⓘ
coreIdea	assumes neoclassical market clearing in the long run ⓘ combines Keynesian macroeconomics with neoclassical microeconomics ⓘ distinguishes between short-run rigidities and long-run flexibility of prices and wages ⓘ explains behavior of modern mixed-market economies ⓘ supports active stabilization policy in the short run ⓘ treats aggregate demand management as a tool to reduce business cycle fluctuations ⓘ
criticizedBy	monetarist economists ⓘ new classical economists ⓘ some post-Keynesian economists ⓘ
developedInPeriod	mid-20th century ⓘ
field	Keynesian economics ⓘ macroeconomics ⓘ microeconomics ⓘ neoclassical economics ⓘ
historicalRole	formed the basis of the postwar macroeconomic consensus until the 1970s ⓘ
influenced	IS–LM model–based teaching of macroeconomics ⓘ policy frameworks in advanced mixed economies after World War II ⓘ postwar mainstream macroeconomics ⓘ
influencedBy	Alfred Marshall ⓘ John Maynard Keynes ⓘ Keynesian theory of effective demand ⓘ neoclassical value theory ⓘ
partlySupersededBy	new neoclassical synthesis ⓘ
supportsPolicy	automatic stabilizers in fiscal systems ⓘ countercyclical fiscal policy ⓘ countercyclical monetary policy ⓘ limited but active government intervention to stabilize output and employment ⓘ
usesConcept	Phillips curve framework ⓘ surface form: Phillips curve aggregate demand ⓘ aggregate supply ⓘ
usesModel	IS-LM model ⓘ surface form: IS–LM model neoclassical growth model ⓘ
viewOnInflation	no long-run trade-off between inflation and unemployment ⓘ trade-off between inflation and unemployment in the short run ⓘ
viewOnUnemployment	involuntary unemployment can exist in the short run ⓘ natural rate of unemployment prevails in the long run ⓘ

Referenced by (5)

Full triples — surface form annotated when it differs from this entity's canonical label.

classical economics → contrastedWith → neoclassical synthesis ⓘ

John R. Hicks → knownFor → neoclassical synthesis ⓘ

this entity surface form: neo-Keynesian synthesis

neoclassical synthesis → alsoKnownAs → neoclassical synthesis ⓘ

this entity surface form: Keynesian–neoclassical synthesis

neoclassical synthesis → alsoKnownAs → neoclassical synthesis ⓘ

this entity surface form: neoclassical–Keynesian synthesis

Mr. Keynes and the Classics → associatedWith → neoclassical synthesis ⓘ

this entity surface form: neoclassical–Keynesian synthesis