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Macro-economics: The Epilogue

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Part of the Economics Today book series (ET)

Abstract

The historical experience of the 1930s led to the abandonment of market-based macroeconomics and the ascendancy of Keynesian economics, where the term Keynesian implies regular demand management. It is not at all clear that Keynes intended the same regular demand management as that advocated by his supporters. But that is another story. What is largely accepted by the economics profession is that by the 1970s the flirtation with non-market-based economics had run its course. The neoclassical counter-revolution was in full swing and the experience of the late 1960s and early 1970s had already convinced many that the trade-offs that policy-makers were brought up on really did not exist.

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© Kent Matthews 1994

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