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Generally I agree with the Keynesians, but I'm skeptical that the explanation for the stagnation in median wages (employment has gone up and down, was down to 4
by entee 11y ago
Generally I agree with the Keynesians, but I'm skeptical that the explanation for the stagnation in median wages (employment has gone up and down, was down to 4% in the late 90's) we have observed for past several decades is due to Neoliberalism. There are a lot of drivers including massive technological change and the complex effects of a reduction in trade barriers that have all played a role.
Perhaps economics is failing, but I think it's not entirely because of a Neoliberal vs. Keynesian dichotomy, it's at least as much because the economy is shifting and we haven't come up with a good economic paradigm for coping with these rather important shifts.
That said, I think a more Keynesian approach to economics is well warranted. Largely they have had a much better approach to monetary policy in the recent crisis.