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Keynes had a political objective. Unless governments took steps to stabilize market economies at full employment, much of the undoubted benefit of markets would be lost and political space would be opened up for extremists who would offer to solve the economic problem by abolishing markets, peace and liberty. This in a nutshell was the Keynesian 'political economy'. Keynes offers an immensely fruitful way of making sense of the slump now in progress, for suggesting policies to get us out of the slump, for ensuring, as far as is humanly possible, that we don't continue to fall into pits like the present one, and for understanding the human condition. These are the things which make Keynes fresh today. (en) |
