Economic crisis and the brief revival of Keynesianism
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Mark Blyth
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In the wake of the 2007-2008 financial crisis, says Mark Blyth of Brown University, “we were all Keynesians for about twelve months.” But the Keynesian revival was shortlived. Why was this? Blyth surveys the factors that played against a paradigm shift, including the thorough-going penetration of orthodox opinion; disciplinary disincentives to craft alternative ideas; and the fact that there are now “so many distributed but mutually supportive authorities” invested in the status quo. “In short,” says Blyth, “it is politics, not economics, and it is authority, not facts, that matter for both paradigm maintenance and change.” Read the article.
