<P> The debate was largely resolved in the 1980s . Since then, economists have largely agreed that central banks should bear the primary responsibility for stabilizing the economy, and that monetary policy should largely follow the Taylor rule--which many economists credit with the Great Moderation . The financial crisis of 2007--08, however, has convinced many economists and governments of the need for fiscal interventions and highlighted the difficulty in stimulating economies through monetary policy alone during a liquidity trap . </P> <P> Some Marxist economists criticized Keynesian economics . For example, in his 1946 appraisal Paul Sweezy, while admitting that there was much in the General Theory's analysis of effective demand which Marxists could draw upon, described Keynes as in the last resort a prisoner of his neoclassical upbringing . Sweezy argued Keynes had never been able to view the capitalist system as a totality . He argued Keynes had regarded the class struggle carelessly, and overlooked the class role of the capitalist state, which he treated as a deus ex machina, and some other points . While Michał Kalecki was generally enthusiastic about the Keynesian revolution, he predicted that it would not endure, in his article "Political Aspects of Full Employment". In the article Kalecki predicted that the full employment delivered by Keynesian policy would eventually lead to a more assertive working class and weakening of the social position of business leaders, causing the elite to use their political power to force the displacement of the Keynesian policy even though profits would be higher than under a laissez faire system: The erosion of social prestige and political power would be unacceptable to the elites despite higher profits . </P> <P> James M. Buchanan criticized Keynesian economics on the grounds that governments would in practice be unlikely to implement theoretically optimal policies . The implicit assumption underlying the Keynesian fiscal revolution, according to Buchanan, was that economic policy would be made by wise men, acting without regard to political pressures or opportunities, and guided by disinterested economic technocrats . He argued that this was an unrealistic assumption about political, bureaucratic and electoral behaviour . Buchanan blamed Keynesian economics for what he considered a decline in America's fiscal discipline . Buchanan argued that deficit spending would evolve into a permanent disconnect between spending and revenue, precisely because it brings short - term gains, so, ending up institutionalizing irresponsibility in the federal government, the largest and most central institution in our society . Martin Feldstein argues that the legacy of Keynesian economics--the misdiagnosis of unemployment, the fear of saving, and the unjustified government intervention--affected the fundamental ideas of policy makers . Milton Friedman thought that Keynes's political bequest was harmful for two reasons . First, he thought whatever the economic analysis, benevolent dictatorship is likely sooner or later to lead to a totalitarian society . Second, he thought Keynes's economic theories appealed to a group far broader than economists primarily because of their link to his political approach . Alex Tabarrok argues that Keynesian politics--as distinct from Keynesian policies--has failed pretty much whenever it's been tried, at least in liberal democracies . </P> <P> In response to this argument, John Quiggin, wrote about these theories' implication for a liberal democratic order . He thought if it is generally accepted that democratic politics is nothing more than a battleground for competing interest groups, then reality will come to resemble the model . Paul Krugman wrote "I don't think we need to take that as an immutable fact of life; but still, what are the alternatives?" Daniel Kuehn, criticized James M. Buchanan . He argued, "if you have a problem with politicians - criticize politicians," not Keynes . He also argued that empirical evidence makes it pretty clear that Buchanan was wrong . James Tobin argued, if advising government officials, politicians, voters, it's not for economists to play games with them . Keynes implicitly rejected this argument, in "soon or late it is ideas not vested interests which are dangerous for good or evil ." </P>

What is the removal of some government controls over a market called