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Keynes, Polanyi's Moment

July 9, 2009

All major economists supported the adoption of a massive Keynesian stimulus to reverse our economic decline.

For decades, the economics profession attacked Keynesianism, first for lacking a theory of inflation and then for an insufficient appreciation of individual rationality in decisions by investors and employers. But in the past year Keynesianism has served as the inspiration for the ideas of today's most celebrated economists. From Martin Feldstein to Joseph Stiglitz, from Glen Hubbard to Paul Krugman, all major economists supported the adoption of a massive Keynesian stimulus to reverse our economic decline.

Authors: William Millberg
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