Keynesian vs. Neoclassical Theories: An Empirical Comparison of Bogotá’s Economics Policies and their Impact on Unemployment between 2012-2019 Teorías keynesianas vs neoclásicas: una confrontación empírica de las políticas económicas en Bogotá y su impacto en el empleo entre 2012-2019

Abstract

The year 2019 closed with high unemployment rates in Colombia and Bogotá. From economic theory, attention to the employment problem has been dealt with by different economic schools. Of these, the theories with the greatest reputation or application in economic policy are classical (neoclassical) and Keynesian theory. Recently in Bogotá, they have seen the application of these two economic policies. Gustavo Petro with the Keynesian and Peñalosa with the neoliberal. Therefore, the objective of this article is to evaluate the results of the economic policy of these last two mayoralties of Bogotá D.C. in job creation. In the first part, the theoretical framework of each of the economic schools is exposed. The second part will show the execution of these policies. The third will evaluate the results in job creation. The last part sets out the conclusions.