Summary of Keynes

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The modern recession casts doubt on many long-held economic beliefs, in particular, the validity of free markets. Unable to agree on causes or remedies, economists look on as politicians try various kinds of stimulus spending and corporate bailouts. Pundits call forth the ghost of John Maynard Keynes, often incorrectly labeled as a has-been socialist and tax-and-spend liberal. But Robert Skidelsky, Keynes’ biographer and a noted expert on the economist and his work, reveals how Keynes’ pre-World War II experiences shaped an economic worldview that still holds lessons for the 21st century. This scholarly book assumes that the reader has more than a nodding acquaintance with modern economic theory and philosophy, yet Skidelsky also injects literary references and sparks of wit that enliven the sometimes-challenging text. getAbstract suggests this abbreviated, but solid, look at Keynes to students of economic and political history, and to anyone who is trying to make sense of how the 2008 crisis happened and how to move forward.

In this summary, you will learn

  • How governments’ application of John Maynard Keynes’ principles fueled postwar growth;
  • Why the 1980s move toward free market economics resulted in less, not more, growth;
  • How the 2008 crisis refutes free market theories and
  • What Keynes’ philosophy holds for capitalism’s future.
 

About the Author

Robert Skidelsky, emeritus professor of Political Economy at the University of Warwick, is the award-winning author of a three-volume biography of John Maynard Keynes.

 

Summary

How Do We Get Out of Here?
Most economists have explanations for how the 2008 world economic crisis happened, but opinions differ on the cause and the remedy. Many are looking to the past and to the ideas of economist John Maynard Keynes (1883-1946), who is known widely but superficially...

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    Billy Bush 6 years ago
    This is the same rhetoric of every Keynesian, despite the poor results. These economists never look at the cause of the "free market" actions they claim to be at fault. If the free market failed so, why? Maybe because the central bank forced interest rates so low that banks either lend or lose. Why not be risky when you have a central bank to soak up the risk? A central bank running things is not free market, that's Keynesian and thats the problem... no naturally regulating standard such as the gold standard to rein in the central bank, that is free market, that is Keynes... I'd say our problems start there!

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