Are you an Old Keynesian or a New Keynesian?

[Owlet]

I can usually comprehend what Tyler Cowen is saying, but I have to admit defeat with this post on his blog.

"Krugman attacks me for being an anti-Keynesian when in fact I very much prefer New Keynesianism over Old, so the entirety of his critique is boxing at shadows.  As an aside, my first published article was in the Journal of Post Keynesian Economics, and as long ago as 1989 I wrote an essay arguing that Keynesian economics explained the Great Depression better than did alternative views; some of my libertarian and Austrian acquaintances still hold that piece against me.  Some MR readers also will recall the 12-part symposium I did on Keynes’s General Theory, full of praise for the book, though of course with some criticisms too.  I don’t expect Krugman to be an expert in the history of thought of me, but a) he has linked to previous posts of mine making clear my affinity for sticky price reasoning and other new Keynesian ideas, b) it is a rather simple proof that he has rather drastically misread me, as has DeLong, and c) if Krugman doesn’t know my views perhaps he should not attack them in such strident language.  By the way, to the extent I like Old Keynesianism, it is for the Shackle-Lachmann-Minsky strand, not IS-LM and the liquidity trap."

It goes on for quite a bit.

http://marginalrevolution.com/marginalrevolution/2012/02/why-old-keynesianism-is-looking-worse-these-days-and-other-thoughts.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+marginalrevolution%2Ffeed+%28Marginal+Revolution%29

[FreakinDJ]

1. I'm only interested in when they are going to claim Milton's theory DOA

We've had 30 years of Working Class "Austerity Paycheck"

[Warpy]

5. The New Keynesians have always seemed to me

to be trying to make peace between the Austrians and Keynes. While such an emulsion can exist for a short time, it is likely to separate out the way oil and water do.

John Maynard Keynes is the only economist to have come up with a model that actually works in the real world, and no economist since then has ever been able to forgive him for it.

That doesn't mean his model doesn't need some tinkering, especially regarding the the flaws that allowed the Reagan/Friedman crowd to get into power. However, that's a pretty easy fix.

After 30+ years of an economic model that doesn't work, you'd think people would ache to get back to one that does. Alas, every economics school post graduate seems determined to hang his own name on a Unified Economic Theory of Everything. I wish they'd all just say "42" and get back to the model that works.

[TeeYiYi]

2. I'm not even from Keynesia...

... I suppose now you want to see my ”long form.”

TYY

[Yo_Mama]

3. Neither a Keynesian nor a Misean be

This Wiki article might help to clear things up:
http://en.wikipedia.org/wiki/New_Keynesian_economics

[Yo_Mama]

4. I woke up this morning feeling very old.

Aches and pains. That's POSSIBLY OT, but it does seem to me that modern economic schools have become dogged by the tyranny of the model, and thus are veering completely off-track.

The more "scientific" economics has become, the less predictive it has become. Therefore I would suggest thinking more about method and less about theory.

[Fuddnik]

6. Neither.

I'm Irish.