Keynesian economics
John Maynard Keynes
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2008–09 Keynesian resurgence
In 2008 and 2009, there was a worldwide resurgence of interest in Keynesian economics among prominent economists and policy makers. This included discussions and implementation of economic policies in accordance with the recommendations made by John Maynard Keynes in response to the Great Depression—most especially fiscal stimulus and expansionary monetary policy.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. From the early 1980s to 2008, the normative consensus among economists was that attempts at fiscal stimulus would be ineffective even in a recession, and such policies were only occasionally employed by the governments of advanced nations. In 2008, following the global financial crisis, a shift in opinion took place among some policy-makers (and to a lesser extent, some economists) in favour of Keynesian stimulus based on economic models developed by John Maynard Keynes and others during the 1930s. These models contrasted with modern macroeconomics (roughly, post-mid-1960's), which showed the ineffectiveness of fiscal policy. From October 2008 onward, policy makers began announcing major stimulus packages, in hopes of heading off the possibility of a global depression. By early 2009 there was widespread acceptance among the world's economic policy makers about the need for fiscal stimulus, but the consensus began to break down shortly after amidst persistently high unemployment and stagnant economic growth. In 2010 with a depression averted but unemployment in many countries still high, no further fiscal stimulus was introduced in any country. The resurgence was criticized by some macroeconomists as simply being a means to advocate increasing Government spending in the economy for political rather than economic reasons.