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Keynesian economics steering is back - end of liberal economic policy?

In: Welfare States in a Turbulent Era

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  • Mogens Ove Madsen

Abstract

The main question in this chapter is whether, in economic theory and economic policy, there will be a lasting Keynesian paradigm shift in public finances due to Covid-19? Keynesianism can be said to have made a strong comeback during the financial crisis of 2007-2008, but it did not suppress neoliberal orthodoxy, as the latter enjoyed a brief renaissance with austerity policies. On the other hand, it can be argued that Covid-19 has been a springboard towards new fiscal paradigms, just as it has been a ground-breaking accelerator for latent political shifts that were already underway. The pandemic serves as a focal event that has opened a unique policy window for government intervention of an unprecedented scale in most countries, reflecting a Keynesian theoretical understanding.

Suggested Citation

  • Mogens Ove Madsen, 2023. "Keynesian economics steering is back - end of liberal economic policy?," Chapters, in: Bent Greve (ed.), Welfare States in a Turbulent Era, chapter 7, pages 98-111, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21743_7
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    File URL: https://www.elgaronline.com/doi/10.4337/9781803926841.00014
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