THE MYTHOLOGY OF THE "KEYNESIAN CRISIS" OR WHERE IS KEYNES CALLING RUSSIA?
V.Z. Balikoev
Novosibirsk State University of Economics and Management, Novosibirsk, Russian Federation
Keywords: reinterpretation of the classics, "the crisis of Keynesianism", state regulation of the economy, state capitalism, the principle of historicism
Abstract
The article analyzes and criticizes a vicious practice of the economists who attribute the ideas to the eminent economists who didn’t elaborate those ideas. The practice existed in the 19th and 20th centuries. It does exist today. It has done a huge damage to the development of economic theory and certain and specific economic sciences. Especially in the last century Keynesianism was at the receiving end since it clearly defined the watershed between the obsolete but die-hard «laissez-faire» economic theory - «invisible hand of the market», free competition and government management of the economy. In this regard the economic theory constantly faces the question of certain «Keynesianism crisis», allegedly indicative of obsolescence of Keynesianism as economic theory. The article on the contrary proves that «Keynesianism crisis» is far-fetched and of ideological nature. Keynesianism itself is relevant today, more than ever, especially in the conditions of Russia, where, according to invincible belief of the author, state-directed market economy named state capitalism is being formed slowly and surely.
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