The Keynes Perplex
By William N. Butos
First published in 1936, John Maynard Keyness General Theory of Employment, Interest, and Money didnt become influential until after World War II, when a simplified and attenuated version entered the profession. Keyness complex, difficult, and often obscure analysis eventually took hold because it gave many economists just what they were looking for: a theoretical rationale for major government intervention to remedy what they regarded as the unreliability of market systems to avoid or recover quickly from recessions.
|Other Independent Review articles by William N. Butos|
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|Fall 2011||The Doomsday Lobby:Hype and Panic from Sputniks, Martians, and Marauding Meteors|
|Fall 2006||Government and Science:A Dangerous Liaison?|