 The Global Financial Crisis and Discontent in Macroeconomics: A Revisit by a Pedestrian KeynesianD. Sambandhan ()
A chapter in Studies in International Economics and Finance, 2022, pp 43-54 from Springer Abstract: Abstract This essay attempts to revisit the global financial crisis of 2008 and the resulting discontent in macroeconomics by examining factors like financial innovations, the deep seated macroeconomic imbalances between saving and investment in the U.S along with the Keynesian and Marxian perspectives which focus on the consumption paradox, deepening inequality, and the role of speculation in the disconnect between real and financial economy, which we prefer to label as “Pedestrian Keynesianism”. It is argued that the prime villain of the piece is financial innovations-rationalized and legitimized by anti Keynesian, market based, neo liberal financial models. All these are the outcome of the neglect of Keynes’ insightful economics and treating it as a fairy tale by anti Keynesians. While integrating the literature and concluding, a reference is made to Paul Samuelson, basically a Keynesian in sprit, who also lived in the world of derivative economics, being one of its pioneers. Date: 2022 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:isbchp:978-981-16-7062-6_3 Ordering information: This item can be ordered from DOI: 10.1007/978-981-16-7062-6_3 Access Statistics for this chapter More chapters in India Studies in Business and Economics from Springer |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.