This theory was largely ignored in favor of Keynesian economics, in part because of the damage to Fisher's reputation caused by his public optimism about the stock market,
just prior to the crash. Debt-deflation has experienced a revival of mainstream interest since the 1980s, and particularly with the Late-2000s recession.
Steve Keen predicted the 2008 recession by using Hyman Minsky's further development of Fisher's work on debt-deflation. Debt-deflation is now the major theory with which Fisher's name is associated.[10]