The Eclipse of Keynesianism

This book examines the process by which Keynesianism, with its sympathetic view of the role of government in the economy and society, lost influence among economists and policy makers and was replaced by more negative views about government intervention and more positive views about the role of the market as a social organizer.

About the Author(s)

Robert Leeson

Robert Leeson is Senior Lecturer in Economics, Murdoch University.

Table of Contents

Introduction * 'The Ghosts I Called I Can't Get Rid of Now': The Keynes-Tinbergen-Friedman-Phillips Critique of Keynesian Macroeconometrics * The Chicago Counter-Revolution and the Sociology of Economic Knowledge * The Rise of the Natural-Rate of Unemployment Model * Does the Expectations Trap Render the Natural-Rate Model Invalid in the Disinflationary Zone? Language and Inflation * Friedman and the Walrasian Equations of the Natural-Rate Counter-Revolution