Fighting austerity: why after 80 years the General Theory is still relevant today

  • Maria Cristina Marcuzzo


In the aftermath of the 2007-8 crisis, the name of Keynes has again entered the list of economists to be read, whose ideas are to be taken seriously. After over twenty-five years of ostracism, spent praising the efficiency of free markets and running econometric tests to prove that economic policies are either ineffectual or even irrelevant, there has been an upsurge in the wave of references to Keynes in the media. Unfortunately, this has not been reflected in the academic scene, still dominated by the macroeconomics of anti- or pre-Keynesian inspiration that took hold between the 1970s and 1980s.


Download data is not yet available.


Backhouse R. and Bateman B. (2012), Keynes and the Welfare State, History of Economic Thought and Policy 1, pp. 7-19

Cristiano C. and Marcuzzo M.C. (2017), John Maynard Keynes: The Economist as Investor, Review of Keynesian Economics, (forthcoming).

Eichengreen B. (2012), Economic History and Economic Policy, The Journal of Economic History 72: 289-307.

Harris J. [1977] (1997), William Beveridge. A Biography, 2nd ed. Oxford: Clarendon Press.

Keynes J.M. (1971-1989), E. Johnson and D. E. Moggridge (eds). The Collected Writings of John Maynard Keynes (CWK). London: Macmillan.

CWK VII, The General Theory of Employment, Interest, and Money;

CWK XIII, The General Theory and After: Part I, Preparation

CWK XIV, The General Theory and After: Part II, Defence and Development

CWK XVII, Activities 1920-2: Treaty Revision and Reconstruction

CWK XIX, Activities 1920-9: The Return to Gold and Industrial Policy

CWK XXI, Activities 1931-9: World Crisis and Policies in Britain and America

CWK XXVI, Activities 1941-6: Shaping the Post-War World: Bretton Woods and Reparations

CWK XXVII, Activities 1940-6: Shaping the Post-War World: Employment and Commodities

Marcuzzo M.C. (2014), Whatever happened to the Keynesian multiplier? in R. Baranzini and F. Allisson (eds), Economics and Other Branches: In the Shade of the Oak Tree. Essays in Honour of Pascal Bridel, London: Pickering & Chatto, pp. 157-68.

Marcuzzo M.C. (2013), Re-embracing Keynes. Admirers, Scholars and Sceptics in the Aftermath of the Crisis in T. Hirai, M. C. Marcuzzo and P. Mehrling (eds), Keynesian Reflections. Effective Demand, Money, Finance and Policies in the Crisis, Delhi: Oxford University Press, pp. 3-23.

Marcuzzo M. C. (2010), Whose Welfare State? Beveridge vs Keynes in R. Backhouse and T. Nishizawa (eds), No Wealth but Life: Welfare Economics and the Welfare State in Britain 1880-1945, Cambridge: Cambridge University Press, pp. 189-206.

Popper K. [1935] (1959), The Logic of Scientific Discovery, London: Hutchinson.

Robinson J. (1964), Economic Philosophy, Harmondsworth: Penguin Books.

Robbins L. (1932), An Essay on the Nature and Significance of Economic Science, London: Macmillan.

Shapiro N. (2012), Keynes, Steindl, and the Critique of Austerity Economics, Monthly Review 64, July-August.

Sylos Labini P. (2009), Le prospettive dell’economia mondiale, Moneta e Credito, vol. 62 nn. 245-248, pp. 61-89.

Temin P. (2010), The Great Recession and the Great Depression, NBER Working Paper 15645, January.

Wray R. (2013), The Dismal State of Macroeconomics and the Opportunity for a New Beginning in J. Davis and W. Hands (eds), The Elgar Companion to Recent Economic Methodology, Cheltenham: Eward Elgar, pp. 452-72

How to Cite
Marcuzzo, M. C. (2017). Fighting austerity: why after 80 years the General Theory is still relevant today. Brazilian Keynesian Review, 3(1), 14-24.