What would JM Keynes think of the economic crisis today?
John Maynard Keynes was the twentieth century’s most influential economist and an intellectual giant during the Great Depression and Second World War. His famous General Theory established that government spending could dig an economy out of a slump. At least that is how his thinking is remembered. In practice his work is very complicated and seldom actually read, and then there is the problem that Keynes was also famous for changing his mind. Consumption or investment? American Keynesians, for example, have always focused on the need to maintain consumption rather than investment which is actually what Keynes always favored. In 1944, after a meeting with them in Washington, Keynes commented that he was the only non-Keynesian in the room. It is also difficult more than 60 years after his death to know what Keynes would have made of our modern globalized economy, although there are parallels with the globalization of the pre-First World War. Would Keynes have approved of stimulus packag
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