by Keynes’s revolution after 80 years British economist John Maynard Keynes published his General Theory on Employment, Interest and Money 80 years ago in 1936. Modern macroeconomics arose in the aftermath of its publishing, and Keynesian ideas also revolutionized economic policy making during the Bretton Woods era. Full employment became a central policy target for economists and governments. In the 1970s monetarism and rational expectations revolution challenged Keynesian fiscal stabilization policies, and supply-side employment policies became influential during the Reagan and Thatcher years. When the global financial crisis first broke in 2007-2009, there was an expectation that we would all be Keynesians again, but instead European austerity policies have since prioritized structural reforms and fiscal rules over demand-side economics and public investment. Kalevi Sorsa Foundation`s event celebrates the 80th anniversary of the General Theory. In his keynote lecture Professor Lars P. Syll (Malmö University) discusses the relevance of Keynesian revolution after 80 years. SOSTE`s chief economist Jussi Ahokas debates the influence of the Keynesian revolution in Finnish economic history. The event is open for everyone and free of charge.
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Keynes’s revolution after 80 years
British economist John Maynard Keynes published his General Theory on Employment, Interest and Money 80 years ago in 1936. Modern macroeconomics arose in the aftermath of its publishing, and Keynesian ideas also revolutionized economic policy making during the Bretton Woods era. Full employment became a central policy target for economists and governments.
In the 1970s monetarism and rational expectations revolution challenged Keynesian fiscal stabilization policies, and supply-side employment policies became influential during the Reagan and Thatcher years.
When the global financial crisis first broke in 2007-2009, there was an expectation that we would all be Keynesians again, but instead European austerity policies have since prioritized structural reforms and fiscal rules over demand-side economics and public investment.
Kalevi Sorsa Foundation`s event celebrates the 80th anniversary of the General Theory. In his keynote lecture Professor Lars P. Syll (Malmö University) discusses the relevance of Keynesian revolution after 80 years. SOSTE`s chief economist Jussi Ahokas debates the influence of the Keynesian revolution in Finnish economic history.
The event is open for everyone and free of charge. Welcome!