Keynesianism and the Great Recession

The 2008 financial crash was a wake up call for many Western governments in particular and economists. Many mainstream economists turned a little bit back toward Keynesianism. This was the famous new Keynesian school, not to be confused with the neo-Kanzians. They're embodied by people like New York Times pundit Paul Krugman who also won a Nobel Prize. These are the mainstream economists who brought back elements of Keynesianism although still in the context of neoclassical economics.