--- title: "Meaning & Key Takeaway of: Over the last decade, economists seemed…" description: "\"Over the last decade, economists seemed to share a broad consensus about economic policy, with the old splits between monetarists and Keynesians appare..." image: "https://sms4smile.com/quotes/i/0f6/gavyn-davies-34333_broads_over-the-last-decade-economists-seemed-t_1597836.jpg" --- # Over the last decade, economists seemed to share a broad… ![“Over the last decade, economists seemed to share a broad consensus about economic policy, with the old splits between monetarists and Keynesians apparently being settled by events. But the Great Recession of the last two years has changed everything.” quote by Gavyn Davies](https://sms4smile.com/quotes/i/0f6/gavyn-davies-34333_broads_over-the-last-decade-economists-seemed-t_1597836.jpg) [Download](https://sms4smile.com/quotes/i/0f6/gavyn-davies-34333_broads_over-the-last-decade-economists-seemed-t_1597836.jpg) [Open image](https://sms4smile.com/quotes/i/0f6/gavyn-davies-34333_broads_over-the-last-decade-economists-seemed-t_1597836.jpg) > “Over the last decade, economists seemed to share a broad consensus about economic policy, with the old splits between monetarists and Keynesians apparently being settled by events. But the Great Recession of the last two years has changed everything.” [Gavyn Davies](https://sms4smile.com/quotes/author/gavyn-davies/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. The Great Recession shattered the previous consensus among economists, showing that policy debates are far from settled. **In simple terms:** Recession broke economic consensus. Key Takeaway Re‑evaluate policies after crises. Themes economics policy uncertainty Mood critical analytical Type economic political When to use this quote - government budgeting - investment strategy - academic research Key Concepts macroeconomic cycles paradigm shift Questions to Reflect On - What assumptions were challenged by the recession? - How should policymakers adapt to new evidence? A Different Perspective Consensus can be fragile and context‑dependent. ★ ★ ★ ★ ★ No ratings yet [Broads](https://sms4smile.com/quotes/about/broads/) [Changed](https://sms4smile.com/quotes/about/changed/) [Consensus](https://sms4smile.com/quotes/about/consensus/) [Decade Economists](https://sms4smile.com/quotes/about/decade-economists-6070665/) [Economic](https://sms4smile.com/quotes/about/economic/) [Economic policy](https://sms4smile.com/quotes/about/economic-policy/) [Economics](https://sms4smile.com/quotes/about/economics/) [Economist](https://sms4smile.com/quotes/about/economist/) [Economists Share](https://sms4smile.com/quotes/about/economists-share-667044/) [Events](https://sms4smile.com/quotes/about/events/) [Great recession](https://sms4smile.com/quotes/about/great-recession/) [Lasts](https://sms4smile.com/quotes/about/lasts/) [Monetarists Keynesians](https://sms4smile.com/quotes/about/monetarists-keynesians-6070667/) [Policy](https://sms4smile.com/quotes/about/policy/) [Share](https://sms4smile.com/quotes/about/share/) [Splits](https://sms4smile.com/quotes/about/splits/) [Splits Monetarists](https://sms4smile.com/quotes/about/splits-monetarists-6070666/) [Two](https://sms4smile.com/quotes/about/two/) [Two years](https://sms4smile.com/quotes/about/two-years/) [Years](https://sms4smile.com/quotes/about/years/) ## Related quotes > [Our popular economics writers, however, are not in the business of giving their readers a ringside seat on the research action; with no exception…](https://sms4smile.com/quotes/paul-krugman/our-popular-economics-writers-however-are-not-in-the-business-of/) [Paul Krugman](https://sms4smile.com/quotes/author/paul-krugman/) > [The plain fact is that recent college grads aren’t in massive pain. They suffered during the Great Recession like everyone else, but all told,…](https://sms4smile.com/quotes/kevin-drum/the-plain-fact-is-that-recent-college-grads-aren-t-in-massive-pain/) [Kevin Drum](https://sms4smile.com/quotes/author/kevin-drum/) > [I promised to bring change to Washington. The underlying reason for the economic mess we're in has been building for years. It's a fundamental…](https://sms4smile.com/quotes/barack-obama/i-promised-to-bring-change-to-washington-the-underlying-reason-for/) [Barack Obama](https://sms4smile.com/quotes/author/barack-obama/) > [Women in finance bore the brunt of layoffs more than their male counterparts during the Great Recession in 2008 and were also more likely…](https://sms4smile.com/quotes/mary-pilon/women-in-finance-bore-the-brunt-of-layoffs-more-than-their-male/) [Mary Pilon](https://sms4smile.com/quotes/author/mary-pilon/) > [I'm astonished at how quickly the Great Recession came and went.](https://sms4smile.com/quotes/mary-pilon/i-m-astonished-at-how-quickly-the-great-recession-came-and-went/) [Mary Pilon](https://sms4smile.com/quotes/author/mary-pilon/) > [Most of the gains in the last years since the Great Recession have gone to the very top. 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It came…](https://sms4smile.com/quotes/joe-biden/they-talk-about-this-great-recession-if-it-fell-out-of-the-sky-like/) [Joe Biden](https://sms4smile.com/quotes/author/joe-biden/) > [Many Americans are feeling, you know, shut out, shut down, the great recession hasn't ended for too many Americans, wages are flat, families are…](https://sms4smile.com/quotes/hillary-clinton/many-americans-are-feeling-you-know-shut-out-shut-down-the-great/) [Hillary Clinton](https://sms4smile.com/quotes/author/hillary-clinton/) > [At the center of every recession is a serious imbalance in the economy and mirrored in the financial system. Think subprime mortgage and the…](https://sms4smile.com/quotes/mark-zandi/at-the-center-of-every-recession-is-a-serious-imbalance-in-the/) [Mark Zandi](https://sms4smile.com/quotes/author/mark-zandi/) > [“This generation of Wall Street CEOs could be the ones to forfeit America’s trust. When the history of the Great Recession is written, they…](https://sms4smile.com/quotes/andrew-ross-sorkin/this-generation-of-wall-street-ceos-could-be-the-ones-to-forfeit/) [Andrew Ross Sorkin](https://sms4smile.com/quotes/author/andrew-ross-sorkin/) > [The Great Recession is not imaginary, and the effects loom large. There was an article in the NYT about the galloping death rate among…](https://sms4smile.com/quotes/rick-moody/the-great-recession-is-not-imaginary-and-the-effects-loom-large-there/) [Rick Moody](https://sms4smile.com/quotes/author/rick-moody/) > [There were a lot of manufacturing jobs lost over a long period of time and particularly after - during the Great Recession. We've had…](https://sms4smile.com/quotes/janet-yellen/there-were-a-lot-of-manufacturing-jobs-lost-over-a-long-period-of/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) > [The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families…](https://sms4smile.com/quotes/janet-yellen/the-financial-crisis-and-the-great-recession-demonstrated-in-a/) [Janet Yellen](https://sms4smile.com/quotes/author/janet-yellen/) ## More by Gavyn Davies > [I want the BBC to be a mass market public service broadcaster still funded by the licence fee... and the licence fee is more…](https://sms4smile.com/quotes/gavyn-davies/i-want-the-bbc-to-be-a-mass-market-public-service-broadcaster-still/) [Gavyn Davies](https://sms4smile.com/quotes/author/gavyn-davies/) > [It was an interesting question as to whether the BBC had a future in the digital world, and what form of market failure could…](https://sms4smile.com/quotes/gavyn-davies/it-was-an-interesting-question-as-to-whether-the-bbc-had-a-future-in/) [Gavyn Davies](https://sms4smile.com/quotes/author/gavyn-davies/) > [The BBC is part of the glue which binds the United Kingdom together. 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It should have somebody who runs the organisation in the interests of the public and that should…](https://sms4smile.com/quotes/gavyn-davies/the-bbc-should-not-have-a-cheerleader-it-should-have-somebody-who/) [Gavyn Davies](https://sms4smile.com/quotes/author/gavyn-davies/) > [Inflation is not always the main problem, or indeed a problem at all. 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Intelligence plus character--that is the goal of true education. The complete education gives one not only…](https://sms4smile.com/quotes/martin-luther-king-jr/we-must-remember-that-intelligence-is-not-enough-intelligence-plus/) [Martin Luther King, Jr](https://sms4smile.com/quotes/author/martin-luther-king-jr/) > [The "family" has clearly emerged anew in the late 1970s as a central subject for discussion, debate, research and writing in bothscholarly and popular…](https://sms4smile.com/quotes/sheila-kamerman/the-family-has-clearly-emerged-anew-in-the-late-1970s-as-a-central/) [Sheila Kamerman](https://sms4smile.com/quotes/author/sheila-kamerman/) > [I am formally accountable to the steering board of the PIC, and I meet with nine ambassadors from the PIC every week. 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