Sometimes this was bruited about as a “return to Keynes,” although a historian might aver that the American profession was never all that enamored of the actual Keynes and his writings. Nevertheless, this latter group was extrapolating from the heady days of late 2008, when all thoughts of DSGE were nowhere to be found. As the economic historian Greg Clark put it, “The debate about the bank bailout, and the stimulus package, has all revolved around issues that are entirely at the level of Econ I. What is the multiplier from government spending? Does government spending crowd out private spending? . . . If you got an A in college Econ I, you are an expert in this debate: fully an equal of Summers and Geithner.”

Philip Mirowski, Never Let a Serious Crisis …, loc. 802