I think its largely an acceleration of
changes that have been in existence before
in the same way that the Great
Depression and the Keynesian revolution
was not something that's started in the
30s.
But that really has its antecedents before
so I think that the crisis greatly accelerated something
there has been there's been a debate for a
long period of time
over what it is that causes fluctuations.
Is it things on the supply side of the economy
or is it things on the demand side of the economy.
I think that one of the things that was very
important was a reminder from the 2008
that the demand side of the economy
can be very very important
and that needs to be properly
integrated
and the demand side of the economy is one feature
the Keynesian revolution earlier had kind of captured how to do that
so all of those things that we called part of the Keynesian revolution
really became part of conventional wisdom about macro as a consequence of this
but in terms of a sudden change of thinking
in the sense of whole new ideas
that we did not see
but nor did we see in the Great Depression
