So my argument is that Keynesian theory is not left wing, because it is not about market failure - it is just about how the macroeconomy works. On the other hand anti-Keynesian views are often politically motivated, because the pivotal role the state plays in managing the macroeconomy does not fit the ideology.
Wednesday, 8 October 2014
Keynesian economics is not left wing
In Is Keynesian Economics Left Wing? Mark Thomas quotes Simon Wren-Lewis arguing that Keynesian economics is not left wing. According to Wren-Lewis: