My wonderful Cornell colleague Jonathan Kirshner has recently posted a most interesting post defending John M. Keynes against some of the oft-heard attacks on him in the popular media that paint him as left-wing radical/covert Socialist. Kirshner convincingly demolishes this caricature point by point. His review does remind us of how small the policy gap between the right and the left in standard monetary financial policy really is. When the pendulum swings back from Hayek towards Keynes, as it has since 2008, it is really not swinging all that far. If as Kirshner argues Keynes shouldn’t be demonized as he so often is, one also wonders if he is really worth fighting for.
December 12, 2014