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Mainstream Macroeconomics: A ‘Keynesian’ Revival?

Published online by Cambridge University Press:  01 January 2023

Neil Hart
Neil Hart*
Affiliation:
School of Economics and Finance, University of Western Sydney
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Abstract

This paper examines the nature of the ‘convergence of vision’ that is said to have existed within mainstream macroeconomics prior to the ‘global economic recession’, and which has been the subject of strong criticism in recent times from Nobel Laureates such as Krugman, Akerlof and Solow. The nature of a proposed ‘Keynesian revival’ is also examined, and it is concluded that while the required changes in theoretical content and methodological perspective are substantial, the most significant obstacle to be overcome is to be found in what Keynes had referred to as the ‘metaphysical principles’ upon which laissez faire has been founded.

Keywords

E65Keynesian economicsglobal financial crisismacroeconomic theory

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Article
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The Economic and Labour Relations Review , Volume 22 , Issue 1 , May 2011 , pp. 17 - 40
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Copyright © The Author(s) 2011

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