
Contents
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Premise Premise
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Government Deficit Government Deficit
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Uncertainty and Probability Uncertainty and Probability
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The State of Economics The State of Economics
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A Research Agenda A Research Agenda
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Notes Notes
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References References
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1 1 Re-embracing Keynes: Scholars, Admirers, and Sceptics in the Aftermath of the Crisis
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Published:March 2013
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Abstract
This chapter investigates the aspects of Keynes’s analysis and recommendations that economists wish to see as accepted as well as rejected and misunderstood after the 2008–9 crisis. The suggestion is to take a fresh look at Keynes’s wide range of proposals (searching through his less known writings) and not to make do with simple-minded so-called Keynesian policy. The boost to aggregate demand and injection of liquidity into the system to fight depressions and offset credit crunches are policy recipes also invoked by people of non-Keynesian persuasion, whose searches for alternatives to mainstream economics however look in different directions. Thus a new research agenda is needed to provide food for thought to those sceptics who doubt the utility of Keynes’s ideas in rebuilding an alternative paradigm, but also to admirers who have little and narrow acquaintance with Keynes’s writings.
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