Where Keynes Went Wrong: And Why World Governments Keep Creating Inflation, Bubbles, and Busts
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In responding to the financial crash of 2008, both the Bush Administration and the Obama Administration have relied on prescriptions developed by John Maynard Keynes, the most important economist since Marx. But should we be relying on Keynes? What did Keynes actually say? Did he make his case? Hunter Lewis concludes that he did not. If Keynes was wrong then so are the economic policies of virtually all world governments today. Library Journal These books bring 20th-century economist John Maynard Keynes into the current economic debate. During the 1930s, Keynes pioneered the concept of governments forcing interest rates low and using deficit spending to stimulate the moribund economy. The work by Clarke (modern history, ret., Cambridge Univ.; The Last Thousand Days of the British Empire) is the most biographical (though none is a true biography), following Keynes from his early life through his role in influencing economic policy during the Great Depression and World War II. Clarke explains Keynes's association with the Bloomsbury Group, his homosexuality, his investing prowess, and how he formulated his theories in response to the economic turbulence of his times. He shows how Keynes was able to change his mind and go in new directions and how he was able to reach out to governments in changing the economic landscape. This is a generally sympathetic portrayal, giving only brief space to Keynes's critics and using academic, but clear, language.\\
