Keynesian economics served as the standard economic model in the developed nations during the later part of the Great Depression, World War II, and the post-war economic expansion (1945–1973), though it lost some influence following the oil shock and resulting stagflation of the 1970s.[4] The advent of the financial crisis of 2007–08 caused a resurgence in Keynesian thought,[5] which continues as new Keynesian economics.