The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
I do recall Krugman's columns trumpeting the renewed relevance of Keynes, who was exhumed from the shallow grave in which Friedman and the libertarian think tanks had buried him. But only a tiny minority of economists have even rigorously challenged the "mainstream" of economic orthodoxy, most notably and publicly Steve Keen, Michael Hudson, Jamie Gailbraith and Nouriel Roubini, but also including fund managers such as Paul McCulley, formerly of PIMCO, who had coined the term Minsky Moment in 1998, along with his contemporary advocates.
So far it seems it has been sufficient for the advocates of "mainstream economics" to simply ignore critics and intensify efforts to vilify Keynes based on critiques of Samuelson's synthesis, but not identified as such. Even now Krugman is not so bold as to assert alternative economic approaches or endorse non-mainstream economists. Part of the problem was illustrated by a talk Steve Keen recently gave to a generally sympathetic audience of British economists, (Keen refers to it as the "George Monbiot Seminar" as Monbiot "got it"), still were unable to accept the role that debt has played in bringing on the current debacle, so strong is the spell cast by their academic training. This is particularly discouraging, as the best critiques for a general audience of the problems with the current approach have been in the Financial Times.
"It is not necessary to have hope in order to persevere."
by Frank Schnittger - May 27 3 comments
by Frank Schnittger - May 5 22 comments
by Frank Schnittger - May 23 1 comment
by Oui - May 13 65 comments
by Carrie - Apr 30 7 comments
by Frank Schnittger - May 273 comments
by Oui - May 2712 comments
by Oui - May 24
by Frank Schnittger - May 231 comment
by Oui - May 1365 comments
by Oui - May 910 comments
by Frank Schnittger - May 522 comments
by Oui - May 449 comments
by Oui - May 312 comments
by Oui - May 29 comments
by gmoke - May 1
by Oui - Apr 30269 comments
by Carrie - Apr 307 comments
by Oui - Apr 2644 comments
by Oui - Apr 886 comments
by Oui - Mar 19143 comments