Diminishing and Diminished Returns on Keynesian Stimulus? A Historical Perspective

11 Pages Posted: 1 Mar 2022

Date Written: January 10, 2022

Abstract

This paper, in response to the renewed fashion for Keynesian policy, discusses the special mid-century circumstances associated with Keynesianism's greatest period of success, and the contrast it makes with the present, stressing in particular the ways in which the neoliberal shift has come on top of other developments to greatly diminish the effectiveness of Keynesian macroeconomic action relative to earlier periods.

Keywords: Keynesianism, Keynesian Theory, Neoliberal Financialization, Economic History, Political Economy, Neoliberalism, Post-COVID-19 Economic Shock, U.S. Economic History

Suggested Citation

Elhefnawy, Nader, Diminishing and Diminished Returns on Keynesian Stimulus? A Historical Perspective (January 10, 2022). Available at SSRN: https://ssrn.com/abstract=4005317 or http://dx.doi.org/10.2139/ssrn.4005317

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