Was Keynesian Economics a Brilliant Success or a Flop?

The birth of Keynesianism: a bold new path

I still remember the first time I read The General Theory by John Maynard Keynes. I was in university, late night, slightly caffeinated, and completely thrown off by how radical it felt — even decades after it was published in 1936.

Back then, during the Great Depression, classical economics just wasn’t cutting it. Markets weren’t self-correcting the way theory said they should. People were suffering, businesses collapsing, and governments... mostly doing nothing. Keynes basically flipped the script.

He argued that governments should intervene. That when demand drops, the state should step in, spend big, and push things forward. Bold move, right?

The Great Depression and the first real test

And yeah, it kinda worked. Roosevelt’s New Deal wasn’t pure Keynesianism, but it was definitely in the spirit. Public works, massive government projects, people hired to build roads and schools and parks — demand boosted, jobs created.

Now, did it end the Depression? Mmm... that’s debatable. WWII arguably did more to fully reboot the economy. But Keynesian ideas were clearly gaining ground.

Keynesianism in the post-war boom

The Golden Age of Capitalism (1945–1973)

Honestly, this is where Keynesian economics shined the most. I once told my friend Lisa (who’s weirdly obsessed with economic history) that if Keynes were a rockstar, this era was his world tour.

Governments across the West embraced the model: active fiscal policy, deficit spending when needed, focus on full employment. And the results? Astounding. GDP growth soared, unemployment stayed low, and inequality even shrank a bit.

It really felt like the magic formula had been found.

Personal anecdote: Grandpa’s steady job

My grandfather worked for a government-backed rail project in the '50s. He told me once that he never worried about layoffs, even when times were tough. "The state had our back," he said. That kind of job security? That’s pure Keynesian flavor.

The crisis of the 1970s: cracks in the system

And then... things went sideways.

Stagflation hit — high inflation + high unemployment. A total nightmare. Keynesianism wasn’t supposed to allow that. Economists scrambled. Politicians panicked.

I mean, how do you boost demand when inflation’s already killing people’s wallets? Stimulating the economy just makes prices worse. It felt like the whole theory had hit a wall.

Enter monetarism (ugh...)

This is where Milton Friedman and the monetarists started making noise. And I get it — they had a point. I once made the mistake of arguing in a seminar that Keynesianism always worked. A professor looked at me like I’d claimed the Earth was flat.

Modern comeback: Keynesianism 2.0?

The 2008 financial crisis

Ironically, just when people thought Keynes was outdated, boom — 2008 happens. Banks collapse, markets panic, unemployment spikes. And suddenly everyone’s quoting Keynes again.

Massive stimulus packages, bailouts, central banks dropping rates like hot potatoes... it was Keynesianism with a modern twist. And hey, it helped. The recovery wasn’t perfect, but without that kind of intervention? We might’ve had a second Great Depression.

COVID-19 and stimulus on steroids

Honestly, the pandemic response felt even more Keynesian. Trillions in stimulus, governments paying wages directly, central banks everywhere flooding the system with liquidity.

Was it perfect? Nah. Did it work? To a large extent, yeah. A buddy of mine, Tom, runs a café in Lyon — he told me the government aid kept him afloat. No aid, no business. It was that simple.

So... was it successful?

Okay, this is the part where I waffle a bit.

On one hand, Keynesian economics literally changed the game. It saved economies, it gave governments tools to do something in a crisis. And it worked spectacularly well in certain periods.

But it also has limits. It doesn’t always predict well. It struggles with inflation. And it needs policymakers who actually know what they’re doing (which... yeah, not always a given).

So I wouldn’t call it a flawless victory — but it’s definitely not a failure either.

Final thoughts: a messy but vital legacy

If you’re asking me whether Keynesian economics was successful... my honest answer is: mostly, yes. But it depends when and where you look.

It’s not some miracle cure, but it gave us a way to fight economic disaster when nothing else worked. And in today’s world, with constant crises popping up, having that tool in the box? Pretty damn useful.

Even if sometimes it needs a reboot. Or at least a reality check.

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Average Height to Weight for Teenage Boys - 13 to 20 Years

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