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Roy Weintraub states, "President Richard Nixon, defending deficit spending against the conservative charge that it was "Keynesian," is reported to have replied, "We're all Keynesians now." In fact, what he should have said is "We're all neoclassicals now, even the Keynesians.""
Anwar Shaikh states, "First is Keynesian theory. What is important is that it is constructed differently from neoclassical theory. It is not to be derived by putting imperfections in neoclassical theory; it's really a different theory."
How can Weintraub and Shaikh hold such different views on Keynesian theory? Relying primarily on these two authors explain, to the best of your ability, how they came to the conclusions on the role of Keynes as either inside the neoclassical tradition or completely outside of it.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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