<P> In 1997 American economist Michael Woodford (1955--) and Argentine economist Julio Rotemberg (1953--) published the first paper describing a microfounded DSGE New Keynesian macroeconomic model . </P> <P> In 1975 American economists Sidney Weintraub (1914--1983) and Henry Wallich (1914--1988) published A Tax - Based Incomes Policy, promoting Tax - Based Incomes Policy (TIP), using the income tax mechanism to implement an anti-inflationary incomes policy . In 1978 Weintraub and American economist Paul Davidson (1930--) founded the Journal of Post Keynesian Economics . This opened the door to many younger economists such as E. Ray Canterbery (1935--). Always Post Keynesian in his style and approach, Canterbery went on to make contributions outside traditional Post Keynesianism . His friend, John Kenneth Galbraith, was a long - time influence . </P> <P> In 1913 English economist - diplomat Alfred Mitchell - Innes (1864--1950) published What is Money?, which was reviewed favorably by John Maynard Keynes, followed in 1914 by The Credit Theory of Money, advocating the Credit Theory of Money, which economist L. Randall Wray called "The best pair of articles on the nature of money written in the twentieth century ." </P> <P> The government - interventionist monetary and fiscal policies that the postwar Keynesian economists recommended came under attack by a group of theorists working at the University of Chicago, which came in the 1950s to be known as the Chicago School of Economics . Before World War II, the Old Chicago School of strong Keynesians was founded by Frank Knight (1885--1972), Jacob Viner (1892--1970), and Henry Calvert Simons (1899--1946). The second generation was known for a more conservative line of thought, reasserting a libertarian view of market activity that people are best left to themselves to be free to choose how to conduct their own affairs . </P>

Nature and scope of history of economic thought