Starting in 2008, there has been a resurgence of interest in Keynesian economics among policy makers in the world's industrialized economies. This has included discussions and implementation of economic policies in accordance with the recommendations made by John Maynard Keynes in response to the Great Depression—such as fiscal stimulus and expansionary monetary policy.[1][2][3][4]
From the end of the Great Depression until the early 1970s, Keynesian economics provided the main inspiration for economic policy makers in Western industrialized countries. The influence of Keynes's theories waned in the 1970s, due to stagflation and critiques from Milton Friedman, Robert Lucas, Jr., Friedrich Hayek and other economists who were less optimistic about the ability of interventionist government policy to positively regulate the economy. The advent of the global financial crisis in 2008 prompted a resurgence of interest in Keynesian economics among policy makers. Paralleling this change, there has also been some rethinking of the relevance of Keynes' ideas among academics; however, through 2008 and 2009 the revival of Keynesian economics in academia was more controversial and muted. By mid 2010 the earlier position has reversed - there is increasing interest in Keynes' work among academics while several senior policy makers no longer support ongoing stimulus spending.
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From the end of the Great Depression until the early 1970s, Keynesian economics provided the main inspiration for economic policy makers in Western industrialized countries. The influence of Keynes's theories waned in the 1970s, due to stagflation and critiques from Milton Friedman, Robert Lucas, Jr., Friedrich Hayek and other economists who were less optimistic about the ability of interventionist government policy to positively regulate the economy. The advent of the global financial crisis in 2008 prompted a resurgence of interest in Keynesian economics among policy makers. Paralleling this change, there has also been some rethinking of the relevance of Keynes' ideas among academics; however, through 2008 and 2009 the revival of Keynesian economics in academia was more controversial and muted. By mid 2010 the earlier position has reversed - there is increasing interest in Keynes' work among academics while several senior policy makers no longer support ongoing stimulus spending.
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