"Keynes's views shocked orthodox sensibilities, then and now. The ideas that consumption is the goal of economic life, that savings could be pathological, that public-sector deficits are necessary and virtuous in a slump, that interest rates should be kept low have always conflicted with respectable banker and business views. Yet the Depression and World War II appeared to prove him right, and at the end of his life in 1946 his ideas were enshrined in national income accounts, at the root of the Bretton Woods monetary system, and ascendant in the academy. One group of followers – technically advocates of a “neoclassical synthesis” – rose to power, with ultimately unhappy consequences for the reputation of Keynesian theory. In the 1970s a counter-revolution got underway: monetarism, supply-side economics, rational expectations, deregulation. By the 2000s it was complete – just in time for the Great Crisis of 2007 to demonstrate, once again, the enduring relevance of his views."
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Historians from EnglandPhilosophers from EnglandUniversity of Cambridge facultyEconomists from EnglandSociologists from England
Original Language: English
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Sources
James K. Galbraith, "Keynes, John Maynard (1883–1946)", in Coole, Diana H.; Gibbons, Michael; Ellis, Elisabeth et al., The encyclopedia of political thought (2014)
https://en.wikiquote.org/wiki/John_Maynard_Keynes
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John Maynard Keynes
1883 – 1946
Britischer Nationalökonom
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