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The German Anti-Keynes? On Walter Eucken’S Macroeconomics

Author

Listed:
  • Feld, Lars P.
  • Köhler, Ekkehard A.
  • Nientiedt, Daniel

Abstract

The work of Walter Eucken (1891–1950), founder of German ordoliberalism, is often described as being in direct opposition to that of John Maynard Keynes. Our paper challenges this claim by making two main arguments. First, we show that Eucken supported a proto-Keynesian stimulus program at the height of the Great Depression, the so-called Lautenbach plan of 1931. Second, we analyze his critique of full employment policy, which reveals that Eucken’s approach to solving macroeconomic problems is fundamentally different from, if not necessarily contrary to, that of Keynes.

Suggested Citation

  • Feld, Lars P. & Köhler, Ekkehard A. & Nientiedt, Daniel, 2021. "The German Anti-Keynes? On Walter Eucken’S Macroeconomics," Journal of the History of Economic Thought, Cambridge University Press, vol. 43(4), pages 548-563, December.
    • Handle: RePEc:cup:jhisec:v:43:y:2021:i:4:p:548-563_4
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    Cited by:

    1. is not listed on IDEAS
    2. Feld, Lars P. & Köhler, Ekkehard A. & Nientiedt, Daniel, 2021. "Ordoliberalism and the social market economy," Freiburg Discussion Papers on Constitutional Economics 21/5, Walter Eucken Institut e.V..
    3. Francesco Denozza, 2019. "Spettri del mitico ordo: diritto e mercato nel neoliberalismo (Ghosts of mytical ordo: Law and markets in neoliberalism)," Moneta e Credito, Economia civile, vol. 72(288), pages 327-348.

    More about this item

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy

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