Where Keynes Went Wrong: And Why World Governments Keep Creating Inflation, Bubbles, and Busts
November 14, 2009
When the world financial system failed in 2008, world governments intervened decisively. Guided by economics teams with impeccable credentials, they intended not only to “stimulate” the economy, but to “jolt” it back to borrowing and spending as usual. All of these actions were taken from a playbook devised by British economist John Maynard Keynes, by far the most influential social thinker of the past century.
But . . . not all economists agree. Some critics of Keynesian orthodoxy ask: Isn’t the root problem that Americans have borrowed too much? Will even more borrowing, this time by government, really help us out of the bind we are in? Should we be relying so completely on Keynes? What if he is wrong? What evidence is there that he is right?
These are important questions. If Keynes is wrong, then so are the economic policies of Barack Obama, George W. Bush, and virtually all world governments today.
Where Keynes Went Wrong presents the economic arguments that will shape our future in a lively, stimulating, and transparently clear style.
Hunter Lewis is the author of six books in the related fields of economics and values, as well as numerous magazine, newspaper, and online articles. A graduate of Harvard University, Lewis co-founded Cambridge Associates, LLC, a global investment firm whose clients include leading research universities, charitable organizations, and families. He has served on boards and committees of fifteen not-for-profit organizations, including environmental, teaching, research and cultural organizations, as well as the World Bank.