The Renaissance of Keynesian Economics

  • A. P. Thirlwall
Part of the Palgrave Studies in the History of Economic Thought Series book series (PHET)


Not so long ago, Keynesian economists had the distinct feeling of being members of an endangered species, with the prospect of extinction in the face of the onslaught of Monetarism Mark 1 (the monetarism of Milton Friedman) and Monetarism Mark 2 (the new classical macroeconomics, led in America by Professor Robert Lucas). It looks now, however, that the tide is beginning to turn. The new classical macroeconomics seems to be dying a slow death; the empirical evidence from the behaviour of the British economy and the world economy seems to be on the side of the Keynesians, and papers are being written on the rise and fall and rise again of Keynesian economics.2 There is also a revival of interest in Keynes the man with the publication of two new biographies by Professors Moggridge3 and Skidelsky.4


Monetary Policy Real Wage Money Supply Aggregate Demand Money Wage 
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  1. 3.
    D. Moggridge, Maynard Keynes: An Economist’s Biography (Routledge 1992).Google Scholar
  2. 4.
    R. Skidelsky, John Maynard Keynes: The Economist as Saviour 1920–1937 (Macmillan 1992).Google Scholar
  3. 5.
    For an illuminating discussion of Keynes’s vision of the functioning of the capitalist system, see F. Vicarelli, Keynes: The Instability of Capitalism (London: Macmillan, 1984).Google Scholar
  4. 8.
    E.H. Carr, What is History? (Harmondsworth, Penguin 1964).Google Scholar
  5. 9.
    F. Hahn, Money and Inflation (Oxford, Blackwell 1982).Google Scholar
  6. 12.
    For a useful series of essays on the continued theoretical and practical relevance of Keynesianism, see Fausto Vicarelli (ed.), Keynes’s Relevance Today (London: Macmillan 1985).Google Scholar

Copyright information

© A.P. Thirlwall 2015

Authors and Affiliations

  • A. P. Thirlwall
    • 1
  1. 1.University of KentCanterburyUK

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