This paper proposes a Keynesian view of the current financial crisis, its economic consequences, and solutions to get out of it. We argue that the mainstream economists could not see the crisis coming because of the self-adjusting properties of their economic models. Keynes's theory, on the...

Because it was designed for efficient stationary regimes, the New-Consensus Macroeconomic governance carries several drawbacks when implemented in Keynesian non-ergodic regimes. As long as Keynesian unemployment is interpreted in terms of 'natural' rate, it serves as a macroeconomic policy...

Contrasting with the 1929 great crisis, authorities intervened forcefully in 2008 to stop the disintegration of the financial system. Governments and central banks then sought to revise the prudential regulation in depth. It would be optimistic, however, to believe that prudential measures,...