Keynesian economics steering is back - end of liberal economic policy?

Mogens Ove Madsen*


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The main question in this chapter is whether, in economic theory and economic policy, there will be a lasting Keynesian paradigm shift in public finances due to Covid-19? Keynesianism can be said to have made a strong comeback during the financial crisis of 2007-2008, but it did not suppress neoliberal orthodoxy, as the latter enjoyed a brief renaissance with austerity policies. On the other hand, it can be argued that Covid-19 has been a springboard towards new fiscal paradigms, just as it has been a ground-breaking accelerator for latent political shifts that were already underway. The pandemic serves as a focal event that has opened a unique policy window for government intervention of an unprecedented scale in most countries, reflecting a Keynesian theoretical understanding.
TitelWelfare States in a Turbulent Era
Antal sider14
ForlagEdward Elgar Publishing
Publikationsdato14 jul. 2023
ISBN (Trykt)9781803926834
ISBN (Elektronisk)9781803926841
StatusUdgivet - 14 jul. 2023


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