Editing Economics (section)

==== New Keynesians ====
{{Main|New Keynesian economics}}

During the 1980s, a group of researchers appeared being called [[New Keynesian economics|New Keynesian economists]], including among others [[George Akerlof]], [[Janet Yellen]], [[Gregory Mankiw]] and [[Olivier Blanchard]]. They adopted the principle of rational expectations and other monetarist or new classical ideas such as building upon models employing micro foundations and optimizing behaviour, but simultaneously emphasised the importance of various [[market failure]]s for the functioning of the economy, as had Keynes.<ref>Blanchard et al. (2017), pp. 516–517.</ref> Not least, they proposed various reasons that potentially explained the empirically observed features of [[Nominal rigidity|price and wage rigidity]], usually made to be endogenous features of the models, rather than simply assumed as in older Keynesian-style ones.