According to Keynesians, if real wages fall, employment should rise (relative to a counterfactual of fixed real wages). According to Varoufakis, &quot;real wages fell by 40% but employment dropped&quot; which is the exact opposite of Keynesian economics. Another phrase for &quot;Keynesian economics&quot; is &quot;macroeconomic models taught at the best universities&quot;, which is what Varoufakis is criticizing.