Читать книгу Out of Work - Richard K Vedder - Страница 25

By the middle part of the twentieth century, Keynesian economics was the new orthodoxy, and the wages approach to unemployment determination was all but completely abandoned. As Richard Nixon, a moderately conservative Republican president, is alleged to have said around 1970, “we are all Keynesians now.” Yet beginning in the 1960s a challenge to the Keynesian approach arose as to the cause of economic fluctuations and, by inference, the causes of unemployment.