From The Economist: The Keynes comeback
A trio of new books celebrate the man and declare victory for his ideas.
Keynes: The Twentieth Century’s Most Influential Economist. By Peter Clarke.Bloomsbury; 224 pages; £16.99. To be published in America in November. Buy from Amazon.co.uk
Who has had the biggest influence on global economic policy over the past year? Plausible cases can be made for a handful of global bigwigs. But a moment’s reflection suggests the answer lies elsewhere, with an English economist who died in 1946. As policymakers have battled the biggest economic bust since the Depression, John Maynard Keynes has been their guide. Keynes’s intellectual framework — a world in which pervasive uncertainty leads to persistently inadequate demand — has seemed more relevant in recent months than at any time since the 1930s. And his solutions, particularly the use of fiscal stimulus, have been adopted on a dramatic worldwide scale.