Keynesian renaissance?

Abstract

This article mostly deals with issues raised on the basis of the publications written by Paul Krugman and Gregory Mankiw. The authors of works that are used as basic textbooks in Hungary, too, are making theoretical, while the economic politicians of Germany, France and England are making practical efforts to raise the duality of state intervention and demand expansion to the level of theoretical requirements. After the introductory part of this study, attempts are made to enumerate the facts, to compare them with former similar situations, and to describe the elements of the possible remedy. It is shown that globalisation and EU regulations, as well as the changed role of expectations do not justify the revival of Keynesian solutions