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2016-02-28

Keynes invented macroeconomics – the theory of output as a whole, Skidelsky

Keynes’s second major legacy is the notion that governments can and should prevent depressions. 

Milton Friedman reasserted the pre-Keynesian view of how market economies work. 


Inflation, Friedman said, resulted from attempts by Keynesian governments to force down 
unemployment below its “natural” rate. 

An even bigger shock to the pre-2008 orthodoxy than the collapse itself was the revelation of the corrupt power of the financial system and the extent to which post-crash governments had allowed their policies to be scripted by the bankers. 



Robert Skidelsky, Project Syndicate 23 Febr 2016

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