20th Century Economics: Rise & Fall of Keynes
LINKS to collections of materials on Keynesian Economics
This is a three part sequence -- All three parts (2200 words total) in one place for reader's convenience: The Global Financial Crisis of 2007
Link to Express Tribune Publication
Twentieth Century Economics: The Rise and Fall of Keynes
Dr. AsadZaman
The human tragedy of the Great Depression has been graphically depicted by John Steinbeck in his moving novel, The Grapes of Wrath. The crisis it created for economic theory is not so well known. Leading economists kept forecasting prosperity and quick recovery, creating embarrassment for the profession as a whole. In 1927, Keynes had flatly stated that “there will be no more crashes in our time.” The shock of the Great Depression led him to create an entirely new economics. The Keynesian revolution created the field of Macroeconomics which gave a vital role to the government in removing unemployment.
Twentieth Century Economics - Express Tribune April 15, 2011