This has raised a hornets’ nest of controversy, with people holding forth with much sound and fury – and often signifying nothing. So I want to ask what, if anything, the teaching of this long-dead economist has to offer us today.
John Maynard Keynes, born in 1883, died in 1946; present at the Versailles negotiations in 1919; Britain’s representative at the Bretton Woods conference in 1944; father of the two key institutions of the post–war monetary order, the International Monetary Fund and the World Bank; author of The General Theory of Employment, Interest and Money; and, most importantly, the origin of the adjective “Keynesian”.
This is a word which has all but lost its original meaning. Like fascist, or feminist, it began describing a set of beliefs, but it has become a term of abuse or approbation, wielded by those who have, for the most part, not the faintest idea of what it actually means. So I want to give my version of “Everything you wanted to know about Keynes and were afraid to ask.” I think I can reduce Keynes’ view to seven essential propositions…” (Telegraph.UK<)
