Nobel laureate Sir John Hicks has with good reason called the third quarter of the 1 twentieth century the age of Keynes Sir John nevertheless diagnosed a crisis of Keynesian economics even before this period had expired. But if only a few gifted scholars had foreseen the crisis of Keynesian economics before 1975, this year at least marked the ultimate disenchantment of Keynesian economics. Keynesian economic policy proved ineffective to cope with the economic challenges of the late seventies: unemployment, inflation, and stagnation of economic growth. Alarmed governments resorted to more and...
Nobel laureate Sir John Hicks has with good reason called the third quarter of the 1 twentieth century the age of Keynes Sir John nevertheless diagnos...
