Phenomenology 2010

Volume 5, Issue Part 2, 2010

Selected Essays from North America Part 2

Dennis E. Skocz
Pages 257-270

Keynesian Phenomenology and the Meltdown

The paper aims to show how key phenomenological concepts inform Keynesian economics. There is no indication that Keynes “knew” phenomenology but it well describes what he was doing when he brought “psychological” factors to bear on economic problems. With his “phenomenological turn,” Keynes freed economics from neo-classical models and could then revise theory to explain the Great Depression and prescribe a way out of it. Arguably, such a “turn” today could expose the gap between Wall Street practice and Main Street realities as it points to a need to ground financial abstractions in lived economic experience.