Tuesday 6 November 2007

Keynes - a capitalist with a dangerous attitude

Paul Krugman's introduction to a fairly recent edition (a year ago I think) of The General Theory of Employment, Interest, and Money, by John Maynard Keynes is an interesting wee read.

Apart from re-establishing Keynes as a capitalist, Krugman takes the trouble to point out where he thinks Keynes went wrong and where interpretations of Keynes have gone wrong as well. One particular point caught my attention, Krugman's line that "Keynes made it clear that his skepticism about the effectiveness of monetary policy was a contingent proposition, not a statement of a general principle". Almost enought to make me think about reading Keynes.


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