New Keynesian Economics: The Concise Encyclopedia of Economics | Library of Economics and Liberty

New Keynesian Economics: The Concise Encyclopedia of Economics | Library of Economics and Liberty:

"New Keynesian economics is the school of thought in modern macroeconomics that evolved from the ideas of John Maynard Keynes. Keynes wrote The General Theory of Employment, Interest, and Money in the 1930s, and his influence among academics and policymakers increased through the 1960s. In the 1970s, however, new classical economists such as Robert Lucas, Thomas J. Sargent, and Robert Barro called into question many of the precepts of the Keynesian revolution. The label “new Keynesian” describes those economists who, in the 1980s, responded to this new classical critique with adjustments to the original Keynesian tenets.
The primary disagreement between new classical and new Keynesian economists is over how quickly wages and prices adjust."