Thursday, March 27, 2008

He's baaaaaack

The Freidmanites thought they had stuck a stake in the heart of Keynesianism for all time - but John Maynard Keynes is making a comeback.
Eclipsed by the ascendancy of Milton Friedman, laissez-faire's most determined antagonist is back in fashion.

Early Wednesday afternoon, economist Mark Thoma recommended that his readers take the time to absorb the entirety of the John Maynard Keynes essay "The End of Laissez-Faire," originally published in 1926. He posted the essay to his blog, Economist's View, where he has been heroically synthesizing, tracking and analyzing just about anything of merit that anyone, anywhere, writes online with respect to economic affairs.

At this particular juncture, when, depending upon your inclinations, you might be either celebrating or bemoaning the "high-water mark" of free market capitalism, Keynes' views are as relevant as ever, and his essay is both a masterful lecture in the origins of laissez-faire thought as well as a sweeping denunciation of it.

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