Whereas the Great Depression of the 1930s produced Keynesian
economics, and the stagflation of the 1970s produced Milton Friedman's monetarism, the Great Recession has produced no similar intellectual shift.
You write: "That is, in my view, there are the fiscal Keynesians
, and the monetarist Keynesians
Mainstream economics became Keynesian
from the late 1930s through the 1970s.
Besides the outsized role Phillips' research played in the creation of a Keynesian
economic model that survived John Maynard Keynes' death, the man's biography is a whale of a story, which Harford succinctly captures.
provide good recession/depression recommendations.
It is not surprising if there is a hot debate about austerity policies in many European countries because most policymakers are Keynesians
, and this tradeoff is quite embarrassing for them.
And what I know is the classical theory of the cycle which, because of Keynesian
macroeconomics, has almost entirely vanished from public discourse and policy consideration.
would be fairly pleased by recession-era data.
Ever since early Keynesians
prescribed fiscal stimulus for a recession, others have objected because of concerns about its impact on the national debt.
One key factor precipitating the recent revival of Keynes was the awarding of a Nobel prize to Keynesian
Paul Krugman in fall 2008, during the worst weeks of the crisis, when the $700 billion bank bailout (TARP) was debated and enacted.
So why aren't Krugman and other Keynesian
There are criticisms of The General Theory in many of his works, including Monetary Nationalism and International Stability (1937), (4) "Profit, Interest and Investment" (1939), (5) The Pure Theory of Capital (1941), (6) "The Campaign against Keynesian
Inflation" (1974), The Fatal Conceit (1988) and many other articles.