Monday, October 4, 2010
What would Keynes say today?
Nancy Folbre takes a stab and concludes that he would be disappointed that more state-controlled economies, like China, are taking his advice and not Western democracies. Folbre doesn't identify them as such but she cites several post-Keynesian or post-Keynesian sympathizing institutions and people in this piece. So it's below the surface, but that seems to be where she's coming from.
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I'm glad he would be disappointed.
ReplyDeleteI just rolled my eyes at this:
ReplyDelete"In other words, the cross-class coalition that supported strong state participation in the United States economy in the post-World War II has come undone."
If only we could get back in the wayback machine and go back to the "good old days!"
You might want to see an optometrist, Xenophon. You roll your eyes at the strangest things.
ReplyDeleteDoes identifying a single positive facet of some previous time period constitute some sort of naive, nostalgic, romanticization of the past? How is this eye-roll-worthy? What is all this about the "good old days"???
Well, first of all, this period of supposed agreement never existed ... so there is that issue to contend with.
ReplyDeleteFor many Keynesians the 1950s seem to be some sort of long-last golden age, which is just bizarre.