Been there done that: the political economy of Déjà Vu
AbstractIn the midst of the current financial crisis the economics profession has seen a monumental resurrection of Keynesian ideas. The debate, which Keynes started back in the 1930s, is being picked up again, not where it left off, but in exactly the same place it started. While Keynesian theories were carefully critiqued by new classical economists and in the most part discarded by the profession, Keynesian models and prescriptions became a staple of politics and macroeconomic textbooks. Obviously, neither side of the debate articulated their views adequately and on the same terms. If the economics profession is going to escape this perpetual déjà vu of cycling through the same debate every time an economic crisis emerges, the profession must discard entrenched ideologies and turn back to the sound but creative application of basic economics.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 32094.
Date of creation: 2011
Date of revision:
Financial Crisis; Keynesian Economics; Inflation; Housing Bubble; Regime Uncertainty; John Maynard Keynes;
Find related papers by JEL classification:
- B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
- A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
- N40 - Economic History - - Government, War, Law, International Relations, and Regulation - - - General, International, or Comparative
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Selgin, G.A. & White, L.H., 1993.
"How Would the Invisible Hand Handle Money?,"
380e, Georgia - College of Business Administration, Department of Economics.
- Boettke, Peter & Smith, Daniel, 2011. "Robust political economy and the Federal Reserve," MPRA Paper 32092, University Library of Munich, Germany.
- Boettke, Peter & Coyne, Christopher, 2011. "The debt-inflation cycle and the global financial crisis," MPRA Paper 32091, University Library of Munich, Germany.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.