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A 'new consensus in macroeconomics' has recently emerged which is closely linked with new Keynesian economics and which is highly influential in policy-making circles. This paper outlines the 'new consensus in macroeconomics', and argues that in virtually all respects it cannot be considered Keynesian, and in many respects it is not new either. Keynesian economics is viewed in terms of the role of the 'principle of effective demand' in both the short run and the long run with investment having a key role, the rejection of Say's Law and market adjustment processes to generate full employment, and the world characterised by pervasive uncertainty. The NCM is characterised by optimising behaviour under full information, the reinstatement of Say's Law, the denial of effects of demand on supply, and a focus on monetary policy and a denial of the role of fiscal policy. It can be readily seen not to be Keynesian. The crucial role given to the 'natural rate of interest' indicates its lack of novelty with a return to Wicksell. ; Günümüzde yeni Keynesgil iktisatla yakından ilgili ve iktisat politikası olusturan çevrelerde çok etkili bir uzlası olusmaktadır: Makroiktisatta Yeni Uzlası (MYU). Bu yazıda MYU'nun betimlenmesine çalısılmakta ve söz konusu uzlasının hemen hemen hiçbir özelliği ile Keynesgil sayılamayacağı, üstelik bir çok özelliği itibariyle yeni de olmadığı ileri sürülmektedir. Keynesgil iktisat hem kısa, hem uzun dönemde yatırımların anahtar rolü oynadığı "efektif talep ilkesi"nin önemi, Say Yasası'nın ve piyasa uyum süreçlerinin tam istihdam yaratacağı görüsünün reddi ve yaygın belirsizliklerle karakterize edilen bir dünya üzerine kuruludur. Oysa MYU tam bilgilenme altında optimizasyon davranıslarıyla, Say Yasası'na geçerlilik kazandırılmasıyla, talebin arz üzerindeki etkisinin reddi ile, para politikası üzerine odaklanılarak, maliye politikasının rolünün yadsınması ile karakterize edilmekte ve bu bağlamda Keynesgil olmadığı kolayca görülmektedir. MYU'da 'doğal faiz haddi' kavramına verilen kilit rol ise, bir yenilik değil, Wicksell'e dönüstür. ; Publisher's Version

The paper begins with a brief review of the main ideas associated with Hyman Minsky and their implications for economic policy and the achievement of full employment. There is a focus on the financial instability hypothesis, the role of the central bank as lender of last resort, and the requirements for regulation of the financial system. The implications of these ideas for economic policy are then explored at the level of the European Union and the global economy. It is argued that the Minsky analysis would suggest that at the level of the nation state, the general drift of economic policy and changes in institutional arrangements have made the prospects for full employment bleak. For the European Union, the institutions that are emerging in the context of EMU and the euro are considered in terms of their impacts on the level of economic activity. At the global economy level, the need for international institutions to regulate the global financial system is considered.

"The economies of the Eurozone countries are plagued by multiple crises, which cast major doubts over the future of the Euro. In this engaging new book, leading heterodox economist Malcolm Sawyer argues that the entire policy framework of the Eurozone was fundamentally flawed from its foundation. He shows how these ‘design faults’ intensified the effects of the crisis, made an effective response to the crash almost impossible, and are now locking in perpetual self-defeating austerity.Sawyer proposes a bold alternative agenda for reviving the continent’s economic prosperity and saving the Euro, centred on a Federal fiscal policy and deep reform of the European Central Bank. He argues, however, that these solutions would require a fundamental transformation that is almost certain to encounter huge ideological and political obstacles. He therefore concludes that Europe faces a bleak economic future, blighted by low growth, high unemployment and social division. This major contribution to one of the key economic and political issues of our time will be essential reading for everyone interested in Europe's future."