Can someone tell me why Keynesian economics does not work anymore?

Purpose The purpose of this paper is to provide an autoethnographic account of a survivor of poor mental health and how his illness coincided with the UK national economic crisis of the 1970s. Design/methodology/approach Using an autoethnographic approach, the author provides a perspective on the Keynesian post-Second World War full employment consensus and mental health. Findings This paper reflects on the author’s experience of UK economics in the 1970s and illustrates a lack of dialogue around full employment in influential places with the demise of the Keynesian full employment consensus. Research limitations/implications This is one account among many and draws on contemporary commentaries. A central theme is the stagflation of the 1970s. The author’s studies in economics did not prepare him for the understanding of stagflation and that the author’s personal life became chaotic at the same time. Practical implications There is a revisiting of the national political and economic narrative of the early 1970s, with an emphasis on full employment. This account is personally cathartic and reflective. Social implications The paper raises questions of social justice through full employment from an historic era which resonates in 2024. Originality/value The author has waited since the 1970s to write this paper. An era is revisited, about which not a lot is mentioned in current dialogues.

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Publication Details

Journal
Mental Health and Social Inclusion
Published
2025-03-18
DOI
https://doi.org/10.1108/mhsi-11-2024-0204
Primary Topic
Economic Theory and Institutions
Type
article
Field-Weighted Citation Impact
0.00
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article

Can someone tell me why Keynesian economics does not work anymore?

Andrew Voyce
Mental Health and Social Inclusion
Economic Theory and Institutions
article

Can someone tell me why Keynesian economics does not work anymore?

Andrew Voyce
article en

Abstract

Purpose The purpose of this paper is to provide an autoethnographic account of a survivor of poor mental health and how his illness coincided with the UK national economic crisis of the 1970s. Design/methodology/approach Using an autoethnographic approach, the author provides a perspective on the Keynesian post-Second World War full employment consensus and mental health. Findings This paper reflects on the author’s experience of UK economics in the 1970s and illustrates a lack of dialogue around full employment in influential places with the demise of the Keynesian full employment consensus. Research limitations/implications This is one account among many and draws on contemporary commentaries. A central theme is the stagflation of the 1970s. The author’s studies in economics did not prepare him for the understanding of stagflation and that the author’s personal life became chaotic at the same time. Practical implications There is a revisiting of the national political and economic narrative of the early 1970s, with an emphasis on full employment. This account is personally cathartic and reflective. Social implications The paper raises questions of social justice through full employment from an historic era which resonates in 2024. Originality/value The author has waited since the 1970s to write this paper. An era is revisited, about which not a lot is mentioned in current dialogues.

Mental Health and Social InclusionVol. 29(5)
University of Brighton (GB)
Openalex Percentile: Top 92%
Economic Theory and Institutions
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