Early neoliberal forms of macro analysis were fundamentally different to that of Keynes's General Theory and to other spin-offs of the new discipline at the time, for example that of Schumpeter. Keynes's focus on crisis amendment—the "bust" side of the business cycle—is diametrically opposed to how early neoliberals approached business cycles. For them, the policies steering the boom are what matters. Intervention needs to act on the framework for growth, and not be based on urgent social needs when the crisis has hit. At the same time, they also acknowledged some of Keynes's ideas, particularly the insight that a purely monetary policy to prevent deflation would not be enough in cases of deep depression. The "how" of the policy then mattered and was disputed.

Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, loc. 394