KEYNESIAN CONSIDERATIONS IN THE POST-NEOLIBERAL ERA

Abstract

Based on the fact that the present financial and economic crisis is at the same time a crisis of contemporary economic thinking, this paper aims to interpret the collapse of mainstream economics from a Keynesian point of view. At the same time, this paper aims to show to which extent Keynesian inspired interventionism can and should be reconsidered. Furthermore, it proposes to establish adequate criteria in order to evaluate correctly a possible Keynesian reversal in economic thinking. In order to achieve these aims, this paper studies the controversies regarding the failure of academic economics and of neoliberalist orthodoxy and the possibility that a new or a newly adapted theory replaces the old one. This paper comes to the conclusion that, according to the evolution in current debates, a Keynesian reversal is possible, but at the present moment not sure.

Keywords

• Keynesian economics
• neoliberalism
• mainstream economics