A Keynes for all seasons published by The Economist (2013).
“In the years since the publication in 1936 of “The General Theory of Employment, Interest and Money”, John Maynard Keynes’s name has been irretrievably linked to the idea that fiscal stimulus should be used to combat recession during downturns. Such ideas came to dominate economics in the 30 years after the second world war, so much so that Republican president Richard Nixon declared in 1971 that “we are all Keynesians now”. Although Keynes’s ideas went out of favour in the 1980s and 1990s, they came back into fashion as the financial crisis of 2007-09 unfolded. The use of fiscal stimulus to fight recessions in America, Britain and Asia led Keynes’s most prominent biographer, Robert Skidelsky, to declare the “return of the master”. Keynes’s notoriety among the public rose so much that a hip-hop video of him arguing the merits of fiscal stimulus with his rival, F. A. Hayek, went viral on YouTube back in 2010…”
