Keynes: The Return of the MasterRobert Skidelsky's Keynes: The Return of the Master shows how the great economist's ideas not only explain why the current financial crisis occurred - but are our best way out. 'One would expect brokers to be wrong. If, in addition to their other inside advantages, they were capable of good advice, clearly they would have retired long ago with a large fortune' John Maynard Keynes When unbridled capitalism falters, is there an alternative? The twentieth century's most influential economist tells us that there is. John Maynard Keynes argued that an unmanaged market system is inherently unstable because of irreduceable uncertainty; that fiscal and monetary ammunition is needed to counter economic shocks; and that governments need to maintain enough total spending power in the economy to minimize the chance of serious recessions happening. 'The great economist's theories have never been more relevant ... and Robert Skidelsky is the guide of choice ... A must read' Paul Krugman, Observer 'Keynes's economic policies helped lift Britain from its 1930s slump. This accessible, timely study argues he could do the same again' Dominic Lawson, Sunday Times 'Masterly ... conveys complex ideas with clarity and controlled anger' Oliver Kamm, The Times 'Skidelsky knows more about Keynes than anyone alive ... he is righteous in his thunder ... provocative ... refreshing' Dwight Gardner, The New York Times 'Thought-provoking ... the best account I have read of the development of the credit crunch' Samuel Brittan, Financial Times Robert Skidelsky is Emeritus Professor of Political Economy at the University of Warwick. His three volume biography of the economist John Maynard Keynes (1983, 1992, 2000) received numerous prizes, including the Lionel Gelber Prize for International Relations and the Council on Foreign Relations Prize for International Relations. He is also the author of the The World After Communism (1995)." |
Contents
What Went Wrong? | 3 |
The Present State of Economics | 29 |
The Lives of Keynes | 55 |
Copyright | |
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adjustment argued assets assumptions average bankers behaviour believed billion Black Swans boom borrowing Bretton Woods Bretton Woods system Burke capital capitalist central bank classical economics Classical economists collapse commodity conventional countries crisis currencies debt deficit demand Depression developed dollar efficient equilibrium ethical exchange rates failure fall financial markets financial system fiscal Friedman full employment future global Ibid ideas income increase inflation intellectual interest rates investment banks investor John Maynard Keynes Keynes's Keynesian economics Krugman lending liquidity love of money macroeconomic ment models monetary moral mortgages numbers output Paul Krugman philosophy political possible probability problem public choice theory rate of interest rational expectations real business cycle reason recession reform regulation reserves risk saving securitization shocks slump social society speculation spending stability stimulus stock market thought trade uncertainty underemployment equilibrium unemployment volatility wages Washington Consensus wealth wrote