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The Global Financial Crisis and Discontent in Macroeconomics: A Revisit by a Pedestrian Keynesian

In: Studies in International Economics and Finance

Author

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  • D. Sambandhan

    (Pondicherry University)

Abstract

This essay attempts to revisit the global financial crisis of 2008 and the resulting discontent in macroeconomics by examining factors like financial innovations, the deep seated macroeconomic imbalances between saving and investment in the U.S along with the Keynesian and Marxian perspectives which focus on the consumption paradox, deepening inequality, and the role of speculation in the disconnect between real and financial economy, which we prefer to label as “Pedestrian Keynesianism”. It is argued that the prime villain of the piece is financial innovations-rationalized and legitimized by anti Keynesian, market based, neo liberal financial models. All these are the outcome of the neglect of Keynes’ insightful economics and treating it as a fairy tale by anti Keynesians. While integrating the literature and concluding, a reference is made to Paul Samuelson, basically a Keynesian in sprit, who also lived in the world of derivative economics, being one of its pioneers.

Suggested Citation

  • D. Sambandhan, 2022. "The Global Financial Crisis and Discontent in Macroeconomics: A Revisit by a Pedestrian Keynesian," India Studies in Business and Economics, in: Naoyuki Yoshino & Rajendra N. Paramanik & Anoop S. Kumar (ed.), Studies in International Economics and Finance, pages 43-54, Springer.
    • Handle: RePEc:spr:isbchp:978-981-16-7062-6_3
    DOI: 10.1007/978-981-16-7062-6_3
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