Edited by Jesper Jespersen and Mogens Ove Madsen
Chapter 2: The final death and next life of Maynard Keynes
Back in 2009, you may recall, the economics profession enjoyed a moment of ferment. Economists who had built their careers on inflation targeting, rational expectations, representative agents, the efficient markets hypothesis, dynamic-stochastic-general-equilibrium models, the virtues of deregulation and privatization and the Great Moderation were forced by events momentarily to shut up. The fact that they had been absurdly, conspicuously and even in some cases admittedly wrong even imposed a little humility on a few. One senior American legal policy intellectual – a fellow-traveller of the Chicago School – announced his conversion to Keynesianism as though it were news.
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