Brad Delong asks the question: The Retreat of Macroeconomics.
And Paul Krugman answers: The Failure of Moderation.
If one knows history, the history of economic thought and J.M. Keynes, it's hard to imagine why anyone would ever believe him to be any kind of radical or that the policies coming from his theory of the economy could be socialist. Almost entirely, Keynes' policy prescriptions were aimed at preserving the status quo as he knew it and avoiding the sort of economic conditions that might create an environment where communism or socialism became desirable options. Nonetheless, we seem unable to follow a middle path as we address economic problems.
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