Law of the Day | 0112
So what did happen? Keynes offered an answer: it is, in fact, possible for economies to suffer from an overall lack of demand. Other people had said things along these lines, but Keynesian economics put it front and center.
This really was an intellectual revolution; indeed, while I’m generally against scientific pretensions, it amounted to a scientific revolution, something like plate tectonics in geology. Suddenly the seemingly inexplicable — what elevates mountain ranges? what explains periods of economic retrogression? — became comprehensible.
Paul Krugman, ‘The Anti-Scientific Revolution in Macroeconomics’
[x]#11462 fan zondag 12 januari 2014 @ 21:31:18
