The United States is not a self-acknowledged and self-confident Keynesian state. The problems of Keynesianism are not deficiencies of theory. No new classical theorist would think of applying to her own doctrines the judgment of good theory by the presence or absence of successful macro-policy. Theory must be judged on its own terms. The surging New and post-Keynesian literatures indicate that Keynesian theorists of all stripes have been on the rebound in recent years. The bitterness of the struggle between New and post-Keynesians over control of the doctrine proves that there is life in the body.
