Keynesian economics is not dead. Instead, it is in a similar condition to Sleeping Beauty after she pricked her finger on the spindle. A large hedge of thorns has been laid over the original Keynesian building so that it is hardly recognizable today. Keynesian economics has suffered from a failure to sufficiently identify the core of the Keynesian revolution. This paper argues that the core concerns the distinction between real and monetary exchange economies, and that a proper understanding of money's role requires identifying the mechanisms of the financial system. Doing so reveals the fundamental incompatibility between real and monetary analysis.

中文翻译：

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复兴凯恩斯主义：金融体系的建模有所作为

凯恩斯经济学并没有消亡。相反，它的情况与睡美人在纺锤上刺破手指后的情况相似。原来的凯恩斯主义建筑上铺设了一大片荆棘篱笆，以至于今天几乎无法辨认。凯恩斯主义经济学未能充分识别凯恩斯主义革命的核心。本文认为，核心涉及实体经济和货币交换经济之间的区别，正确理解货币的作用需要确定金融体系的机制。这样做揭示了真实分析和货币分析之间的根本不兼容。