In Conclusion

Much recent criticism of the Keynesian Revolution results from confusion in the minds of the critics between the difficulties that have arisen in the application of Keynes’s ideas, and the core of his theory. The residual problem of application is largely political, in the sense that Keynesian economics is inherently vulnerable to pressures which arise through the political process in a democratic society. But the question remains of whether these problems are more intractable than those which stem from the alternative laissez-faire approach.