After the bust: The outlook for macroeconomics and Macroeconomic policy

.

Chapter 18 in Neoliberalism and the Road to Inequality and Stagnation, 2021, pp 275-288 from Edward Elgar Publishing

Abstract: This chapter explores how the 2008 economic crisis offered an historic opportunity for change. The depth of the crisis strengthened demand for a policy turn in a Keynesian and even Post Keynesian direction. However, profound political, intellectual and sociological obstacles also blocked change. In particular, the economics profession and its ideology remain unreformed, with little evidence of change regarding core theoretical and policy understandings. Among mainstream economists, the only area where there is evidence of substantive intellectual change is in attitudes toward financial regulation. Those obstacles contributed to muting the policy response to the crisis. The paper also predicted that once the crisis was contained, the lack of intellectual reform would encourage a return to the existing policy model even though it had failed so disastrously.

Keywords: Business and Management; Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/view/9781802200072.00028.xml (application/pdf)
Our link check indicates that this URL is bad, the error code is: 503 Service Temporarily Unavailable

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:elg:eechap:20890_18

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla ().