As promised, let me return to the debate within Keynesianism between Paul Krugman, Nobel prize winner and guru of orthodox Keynesianism and Steve Keen, the upstart radical ‘Minsky-Keynesian’, over what are the key processes of modern capitalism and the cause of the Great Recession.
Steve Keen has recently revised and expanded his excellent book, Debunking Economics (http://debunkingeconomics.com/) and his attacks on mainstream economics, the nature of capitalist crisis and what to do about it provoked the great columnist of the New York Times and scourge of the Republicans, Paul Krugman, to respond. Krugman wasted no time in dismissing Keen’s ideas in his daily blog as “mysticism”(http://krugman.blogs.nytimes.com/2012/03/27/banking-mysticism/). Keen responded sharply and then a long debate ensued with loads of other economists with their blogs entering the fray. You can follow the twists and turns in the debate at http://unlearningeconomics.wordpress.com/2012/04/03/the-keenkrugman-debate-a-summary/.
So I suppose it’s my turn. But…
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