Galbraith and Robinson’s Second Crisis of Economic Theory

Mary Wrenn, James Ronald Stanfield and Michael Carroll

Journal of Economic Issues, 2008, vol. 42, issue 1, 5-11

Abstract: The “second crisis of economic theory” that, in the 1970s, concerned John Kenneth Galbraith and Joan Robinson continues. There is a considerable literature on the continuing crisis of economics. This essay roots this malaise in the second crisis of economic theory. The “Keynesian revolution” dealt with one aspect of the crisis of economic theory, the inadequacy of aggregate demand, but neo-Keynesian economics left a vacuum by not addressing the state’s role in the structure of output. Hence, issues in regard to distribution and uneven development and militarism, consumerism, and ecological sustainability were neglected and persist with great force today. The road to the neoliberal era of Great Capitalist Restoration was paved by the failure of confidence by modern liberal economics, and the crisis therein continues. Even now, some three decades on, Robinson and Galbraith offer insights toward resolving this impasse.

Date: 2008
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/00213624.2008.11507110 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mes:jeciss:v:42:y:2008:i:1:p:5-11

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/MJEI20

DOI: 10.1080/00213624.2008.11507110

Access Statistics for this article

More articles in Journal of Economic Issues from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().