Keynes: The Return of the Master

Wednesday, October 28, 2009

Robert Skidelsky, Emeritus Professor of Political Economy at the University of Warwick, discusses the life and career of John Maynard Keynes. His book Keynes: The Return of the Master, describes how Keynes's mixture of pragmatism and realism, which set him apart from the Chicago school of economics, is especially pertinent in today’s economic climate.


Robert Skidelsky

Comments [13]

tony from queens ny

A weak dollar makes our exports cheaper for other countries to purchase. More demand for our products would theoretically increase hiring.

Your second question, re China is a bit more complicated than what appears on the surface. You are partly correct that China's currency is pegged to the dollar. The real problem is that China doesn't allow their currency to float. It buys yuan, driving down the value of the currency when in reality the currency if it were floating, would be increasing in value making exports more expensive. Politically we aren't in much of a position to press the Chinese on the policy. If the dollar continues to weaken, China will buy dollars to maintain the value of the debt they hold here.

Oct. 28 2009 01:02 PM
kai from NJ-NYC

Here, here, Mr. Skidelsky.

To all you lathered up by current, depression-averting spending: Seems that you would rather have a depression if it meant politically spoiling Obama or any other politician that is not dogmatically anti-tax.

Oct. 28 2009 12:52 PM
mozo from nyc

Good stuff. Thanks.

Oct. 28 2009 12:40 PM
Ursula H from Brooklyn

How can a weak dollar be good in terms of rebuilding our economy now, when our manufacturing base has been decimated and China has pegged its currency value to the dollar. Since China has been undercutting prices for formerly US manufactured goods doesn't this just make China's goods even more attractive around the world, stimulating the Chinese economy, rather than do much for what's left of our shattered industrial and manufacturing base?

Oct. 28 2009 12:38 PM
tony from queens ny

Is it true, as Krugman agrues that Keynesian theory wasn't actually tired during FDR's tenure? I'm mean stimulus was only 3% of GDP with a output gap of over 40%. And what is the general disconnect between classic and Keynesian theory in laymen termss?

Oct. 28 2009 12:37 PM

What is the difference between Keynes and Keynesians. I understand that Keynsians only focus on the demand side of the economy because it produced easier equations.

Oct. 28 2009 12:37 PM

- Judith Terry's comments were clearly tongue and cheek. It's very clear you don't get sarcasm.

Oct. 28 2009 12:35 PM

Does increasing the savings rate in the U.S.A. lead to more sustainable economic growth, higher median wages and innovation in the long-run?

If so what policies must be put in place to encourage savings and discourage excess consumption?

Oct. 28 2009 12:32 PM
mozo from nyc

Saying that unemployed chose their situation sounds like the Southern Republicans saying that people that don't have health insurance chose to "go naked"(their words, not mine).

Oct. 28 2009 12:32 PM
Judith from New York

Terry - Keynes and Rand are so very different that you have obviously read neither.

Oct. 28 2009 12:16 PM
Steve from Brooklyn

How is it that neo-classical economics and Keynesian economics can co-exist for 50 yrs when they're entirely opposite? If either are that great, why can't one view win out?

Oct. 28 2009 12:12 PM
Rory from Brooklyn

Is it true that Keynes didn't start thinking of the state as a force to lift up the economy in a downturn until the middle of the Depression? In that respect, wasn't President Herbert Hoover ahead of him?

Oct. 28 2009 12:11 PM
Terry from Farmington

So, JM Keynes actually read something besides Ayn Rand?

Oct. 28 2009 12:10 PM

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