[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"archetype-name-map":3,"tradition-keynesianism":100},[4,7,10,13,16,19,22,25,28,31,34,37,40,43,46,49,52,55,58,61,64,67,70,73,76,79,82,85,88,91,94,97],{"slug":5,"name":6},"anarcho-capitalist","Anarcho-Capitalist",{"slug":8,"name":9},"establishment-progressive","Establishment Progressive",{"slug":11,"name":12},"patriotic-progressive","Patriotic Progressive",{"slug":14,"name":15},"progressive-activist","Progressive Activist",{"slug":17,"name":18},"techno-progressive","Techno-Progressive",{"slug":20,"name":21},"conservative-democrat","Conservative Democrat",{"slug":23,"name":24},"moderate-conservative","Moderate Conservative",{"slug":26,"name":27},"reform-conservative","Reform Conservative",{"slug":29,"name":30},"religious-conservative","Religious Conservative",{"slug":32,"name":33},"traditionalist","Traditionalist",{"slug":35,"name":36},"national-populist","National Populist",{"slug":38,"name":39},"left-nationalist","Left Nationalist",{"slug":41,"name":42},"moderate-liberal","Moderate Liberal",{"slug":44,"name":45},"pragmatic-centrist","Pragmatic Centrist",{"slug":47,"name":48},"authoritarian-left","Authoritarian Left",{"slug":50,"name":51},"authoritarian-right","Authoritarian Right",{"slug":53,"name":54},"welfare-nationalist","Welfare Nationalist",{"slug":56,"name":57},"democratic-socialist","Democratic Socialist",{"slug":59,"name":60},"christian-socialist","Christian Socialist",{"slug":62,"name":63},"market-socialist","Market Socialist",{"slug":65,"name":66},"trad-socialist","Trad Socialist",{"slug":68,"name":69},"civil-libertarian","Civil Libertarian",{"slug":71,"name":72},"compassionate-libertarian","Compassionate Libertarian",{"slug":74,"name":75},"left-libertarian","Left Libertarian",{"slug":77,"name":78},"traditional-libertarian","Traditional Libertarian",{"slug":80,"name":81},"classical-liberal","Classical Liberal",{"slug":83,"name":84},"social-liberal","Social Liberal",{"slug":86,"name":87},"national-conservative","National Conservative",{"slug":89,"name":90},"neoconservative","Neoconservative",{"slug":92,"name":93},"techno-authoritarian","Techno-Authoritarian",{"slug":95,"name":96},"market-liberal","Market Liberal",{"slug":98,"name":99},"independent-thinker","Independent Thinker",{"tradition":101,"thinkers":108,"definingArchetypes":182,"sharedArchetypes":183},{"id":102,"slug":103,"name":104,"short_description":105,"long_description":106,"era_marker":107},475,"keynesianism","Keynesianism","The macroeconomic tradition holding that aggregate demand drives output and employment, and that market economies can settle at persistent underemployment without state action.","The macroeconomic tradition holding that output and employment are driven by aggregate demand, that a market economy can come to rest at persistent underemployment with no automatic tendency to correct, and that fiscal and monetary policy therefore have work to do that no amount of price flexibility will accomplish.\n\nKeynes made the argument in The General Theory of Employment, Interest and Money (1936), against an orthodoxy holding that unemployment reflected wages that had failed to fall far enough. His counter was that spending decisions are interdependent — one person's expenditure is another's income — so a fall in demand is self-reinforcing rather than self-correcting; that saving and investment are undertaken by different people for different reasons; and that decisions under genuine uncertainty, where probabilities are not merely unknown but undefined, cannot be modelled as optimisation. The multiplier and liquidity preference follow from that starting point.\n\nThe tradition split almost immediately over what to keep. The neoclassical synthesis of Hicks and Samuelson rendered Keynes in equilibrium terms compatible with the orthodoxy he attacked, producing the textbook Keynesianism that governed postwar policy — and, post-Keynesians argue, discarded the uncertainty that was the whole point. Joan Robinson called the result bastard Keynesianism; Hyman Minsky rebuilt the neglected half into a theory of financial instability in which stability itself breeds the leverage that ends it.\n\nStagflation in the 1970s broke the postwar consensus, since simultaneous inflation and unemployment fitted the synthesis badly, and the monetarist and New Classical counter-revolutions displaced it. New Keynesian economics recovered the policy conclusions by grounding them in sticky prices and imperfect competition — accepting the microfoundational terms of its opponents to do so. The 2008 crisis and Minsky's sudden relevance returned both strands to the centre of argument, without resolving which of them Keynes would have recognised.","20th century to present",[109,120,130,138,147,155,165,173],{"is_primary":110,"thinkers":111},true,{"id":112,"era":113,"name":114,"slug":115,"one_line":116,"is_living":110,"birth_year":117,"death_year":113,"portrait_url":118,"sort_priority":119},830,null,"Janet Yellen","janet-yellen","Janet Yellen is a Keynesian, institutionalist liberal economist who steered macroeconomic policy toward full employment as the first woman to lead both the Federal Reserve and the U.S. Treasury",1946,"\u002Fimages\u002Ffigures\u002Fwebp\u002Fjanet-yellen.webp",5,{"is_primary":110,"thinkers":121},{"id":122,"era":123,"name":124,"slug":125,"one_line":126,"is_living":127,"birth_year":128,"death_year":117,"portrait_url":129,"sort_priority":119},130,"20th Century","John Maynard Keynes","john-maynard-keynes","John Maynard Keynes was the liberal economist whose General Theory (1936) revolutionized economics and whose mixed-economy philosophy underpinned mid-20th-century Western liberal democracy",false,1883,"\u002Fimages\u002Ffigures\u002Fwebp\u002Fjohn-maynard-keynes.webp",{"is_primary":110,"thinkers":131},{"id":132,"era":113,"name":133,"slug":134,"one_line":135,"is_living":110,"birth_year":136,"death_year":113,"portrait_url":137,"sort_priority":119},857,"Larry Summers","larry-summers","Larry Summers is a centrist Democratic economist whose market-oriented liberalism shaped globalization-era policy and reignited debates over secular stagnation and inflation",1954,"\u002Fimages\u002Ffigures\u002Fwebp\u002Flarry-summers.webp",{"is_primary":110,"thinkers":139},{"id":140,"era":141,"name":142,"slug":143,"one_line":144,"is_living":110,"birth_year":145,"death_year":113,"portrait_url":146,"sort_priority":119},1065,"Contemporary","Paul Krugman","paul-krugman","Paul Krugman is a Nobel-winning economist and columnist whose sharp defense of Keynesian activism and skepticism of austerity made him America's most-read left-liberal public intellectual.",1953,"\u002Fimages\u002Ffigures\u002Fwebp\u002Fpaul-krugman.webp",{"is_primary":127,"thinkers":148},{"id":149,"era":113,"name":150,"slug":151,"one_line":152,"is_living":110,"birth_year":153,"death_year":113,"portrait_url":154,"sort_priority":119},699,"Robert Kuttner","robert-kuttner","Robert Kuttner is a liberal journalist who co-founded The American Prospect and argues that unregulated markets corrode the democracy they depend on",1943,"\u002Fimages\u002Ffigures\u002Fwebp\u002Frobert-kuttner.webp",{"is_primary":127,"thinkers":156},{"id":157,"era":123,"name":158,"slug":159,"one_line":160,"is_living":127,"birth_year":161,"death_year":162,"portrait_url":163,"sort_priority":164},210,"John Kenneth Galbraith","john-kenneth-galbraith","John Kenneth Galbraith was the Keynesian liberal economist who explained why America was privately rich and publicly poor, and whose elegant prose made his heresies the common sense of the postwar liberal establishment",1908,2006,"\u002Fimages\u002Ffigures\u002Fwebp\u002Fjohn-kenneth-galbraith.webp",7,{"is_primary":127,"thinkers":166},{"id":167,"era":141,"name":168,"slug":169,"one_line":170,"is_living":110,"birth_year":171,"death_year":113,"portrait_url":172,"sort_priority":119},1090,"Stephanie Kelton","stephanie-kelton","Stephanie Kelton is an American economist who brought Modern Monetary Theory into mainstream debate, arguing that currency-issuing governments face resource limits, not budgetary ones.",1969,"\u002Fimages\u002Ffigures\u002Fwebp\u002Fstephanie-kelton.webp",{"is_primary":127,"thinkers":174},{"id":175,"era":123,"name":176,"slug":177,"one_line":178,"is_living":127,"birth_year":179,"death_year":180,"portrait_url":181,"sort_priority":119},1022,"Hyman Minsky","hyman-minsky","Hyman Minsky was an American economist whose financial instability hypothesis argued that capitalist finance breeds its own crises, becoming the touchstone for post-2008 economic thought.",1919,1996,"\u002Fimages\u002Ffigures\u002Fwebp\u002Fhyman-minsky.webp",[],[184,186,188,189,191,193],{"archetype_slug":83,"shared_thinker_count":185},4,{"archetype_slug":56,"shared_thinker_count":187},3,{"archetype_slug":95,"shared_thinker_count":187},{"archetype_slug":8,"shared_thinker_count":190},2,{"archetype_slug":38,"shared_thinker_count":192},1,{"archetype_slug":11,"shared_thinker_count":192}]