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Response to Why Was J.M. Keynes the Greatest Economist of the Century?

from Bradford DeLong (delong@econ.berkeley.edu)
I would give four reasons:

--His theories dominated how people thought about business cycle issues for fifty years (and still profoundly shape how we think about them today).

--Where his attempts to shape economic policy were successful (i.e., Bretton Woods), the policies put in place were themselves extraordinarily successful: his IMF and World Bank helped sustain the most astonishing post-WWII economic boom the world ever saw.

--Where his attempts to shape policy were unsuccessful (Versailles; Britain in the 1920s; coping with the Great Depression), nearly everyone agrees in retrospect that his proposals would have provided a better road.

--He wrote extremely well: he is still well worth reading today. If you want a brief introduction to monetarism, Keynes's _Tract on Monetary Reform_ is still the best thing ever written (in my view at least). If you want to read about economic policy in the 1920s and early 1930s, Keynes's _Essays in Persuasion_ are indispensible. And his _General Theory_ is an extremely lively book--even if it is much more a prophetic vision of the economy than a work of social science...

(posted 8741 days ago)

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