"The main development I want to discuss has already occurred: Keynesian economics is dead [maybe ‘disappeared’ is a better term]. I don’t know exactly when this happened but it is true today and it wasn’t true two years ago. This is a sociological not an economic observation, so the evidence for it is sociological. For example, you cannot find a good, under 40 economist who identifies himself and his work as ‘Keynesian’. Indeed, people even take offense if referred to in this way. At research seminars, people don’t take Keynesian theorizing seriously any more—the audience starts to whisper and giggle to one another. Leading journals aren’t getting Keynesian papers submitted any more."
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Academics from the United StatesNobel laureates from the United StatesEconomists from the United StatesPeople from Washington (state)Nobel laureates in Economics
Original Language: English
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Robert E. Lucas, "The Death of Keynesian Economics", in Issues and Ideas (Winter 1980).
https://en.wikiquote.org/wiki/Robert_Lucas_Jr.
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Robert Lucas Jr.
Robert Emerson Lucas, Jr. (September 15, 1937 – May 15, 2023) was an American economist at the , who received the Nobel Prize in Economics in 1995. He is widely regarded as the central figure in the development of the new classical approach to macroeconomics.
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