Keynesian Economics: In Search of Unnatural Stability

Nicholas Potts

    Research output: Contribution to journalArticlepeer-review


    I shall argue that Keynesian economics shares the same lack of scientific rigour as the mainstream economics it attempts to criticise. The difference in approaches is political, with both equally failing to explain the behaviour of the capitalist economy. In contrast, Marx's analysis of capitalism predicts tendential behaviour that does fit empirical evidence, noticeably concentration, growing inequality and continued cyclical behaviour/inherent instability (ultimately resulting from the tendency for profitability to fall in boom). Finally I consider how application of Keynesian economics may have contributed, and continue to contribute, to the relative stagnation of the economy since the end of the Golden Age.
    Original languageEnglish
    Pages (from-to)183-197
    Number of pages15
    Issue number2
    Publication statusPublished - 2013


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