Literally, yes. But the ideas that Keynes produced, Keynesianism and derivatives of, are still alive albeit under-utilised.
The 2008 recession ushered in a new opportunity for Keynesianism, but the artificial demand was created in the sectors less deserving of the capital injection – namely the financial sector. This is not to suggest that the bank bail out was unnecessary, it was crucial in order to stop the systemic collapse of our economy and Quantitative Easing was a welcome opportunity for banks to begin recapitalisation.
The scrappage scheme was a cheap and effective way of boosting demand and output in a small section of manufacturing. This is a positive example of Keynesian theory in action.
However, with lots of problems in the society and economy, more could have been done to solve them. The first is housing, or severe lack of. The second is an ageing infrastructure. The third is an…
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