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The return of Keynesianism? Exploring path dependency and ideational change in post-covid fiscal policy
[Racial, economic, and health inequality and COVID-19 infection in the United States]

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  • Usman W Chohan

Abstract

The aim of this article is to explore the nature of policy change in the domain of public finance (fiscal policy) in the wake of the coronavirus disease (Covid-19) pandemic as well as for a post-Covid era. It draws upon the literatures of path dependency and ideational change in public policy to consider three broad questions: (1) whether the pandemic really is a critical juncture for policy change; (2) whether the extant neoliberal austerity paradigm has faced lasting ideational displacement by Keynesianism; and (3) whether Covid-19 has really punctuated the existing fiscal policy equilibrium or rather served as a path-clearing accelerator of public finance trends that were already underway. The article then suggests three potential future trajectories: Keynesian, neoliberal, and mixed/other to consider how the path of policy change might materialize in the fiscal realm in the post-Covid era.

Suggested Citation

  • Usman W Chohan, 2022. "The return of Keynesianism? Exploring path dependency and ideational change in post-covid fiscal policy [Racial, economic, and health inequality and COVID-19 infection in the United States]," Policy and Society, Darryl S. Jarvis and M. Ramesh, vol. 41(1), pages 68-82.
    • Handle: RePEc:oup:polsoc:v:41:y:2022:i:1:p:68-82.
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    File URL: http://hdl.handle.net/10.1093/polsoc/puab013
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    1. Shah, Sayar Ahmad & Garg, Bhavesh, 2023. "Identifying efficient policy mix under different targeting regimes: A tale of two crises," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 975-994.
    2. Mia Gray & Michael Kitson & Linda Lobao & Ron Martin, 2023. "Understanding the post-COVID state and its geographies," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 16(1), pages 1-18.
    3. Usman W. Chohan, 2022. "Analyzing sound COVID-19 policy responses in developing countries: the case study of Pakistan," Studia z Polityki Publicznej / Public Policy Studies, Warsaw School of Economics, vol. 9(2), pages 1-22.

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