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Galbraith and Robinson’s Second Crisis of Economic Theory

Author

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  • Mary Wrenn
  • James Ronald Stanfield
  • Michael Carroll

Abstract

The “second crisis of economic theory” that, in the 1970s, concerned John Kenneth Galbraith and Joan Robinson continues. There is a considerable literature on the continuing crisis of economics. This essay roots this malaise in the second crisis of economic theory. The “Keynesian revolution” dealt with one aspect of the crisis of economic theory, the inadequacy of aggregate demand, but neo-Keynesian economics left a vacuum by not addressing the state’s role in the structure of output. Hence, issues in regard to distribution and uneven development and militarism, consumerism, and ecological sustainability were neglected and persist with great force today. The road to the neoliberal era of Great Capitalist Restoration was paved by the failure of confidence by modern liberal economics, and the crisis therein continues. Even now, some three decades on, Robinson and Galbraith offer insights toward resolving this impasse.

Suggested Citation

  • Mary Wrenn & James Ronald Stanfield & Michael Carroll, 2008. "Galbraith and Robinson’s Second Crisis of Economic Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 42(1), pages 5-11, March.
    • Handle: RePEc:mes:jeciss:v:42:y:2008:i:1:p:5-11
    DOI: 10.1080/00213624.2008.11507110
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