ABSTRACT
This chapter surveys the crisis of Keynesian Economics, outlines several reactions to it from economists and others, and in so doing sketches out the major themes of the book. Marxist standpoint, to examine various facets of the crisis pervading Keynesianism and thereby provide a critique of Keynesian economics. Keynes emerged as the principal figure who attempted to explain this economic crisis and tried to chart a course out of it. While a minority of radical economists such as Galbraith resented the fact that economics appeared to have little room for judgements about economic choice. Hayek and the Austrians generally regard as faulty the Keynesian explanation of involuntary unemployment as being due to a lack of effective demand. In reality it is caused by a series of imbalances between supply and demand in the labour markets of particular sectors of the economy.
