“
Keynes's economic philosophy is thus made up of three interdependent parts: his technical macroeconomics, his embattled political philosophy and his ultimate ethical purpose.
— Robert Skidelsky, Baron Skidelsky
Keynes's economic philosophy is thus made up of three interdependent parts: his technical macroeconomics, his embattled political philosophy and his ultimate ethical purpose.
Maynard Keynes was born into a certain civilisation at a particular moment of history, and was one of its foremost products. He inherited both its aspirations and its tensions. He grew up in the shadow of its great figures, notably Henry Sidgwick and Alfred Marshall, the teachers and colleagues of is father. His style of thought and way of life both bear Cambridge's unmistakable imprint.
What started Keynes on the road to the Keynesian Revolution was the incomplete British recovery from the depression of 1920 to 1922.
In ethics Keynes was a Platonist, in politics he was an Aristotelian. His ethics pointed him towards the ideal; his politics towards moderation.
Keynes's idea was very simple. Monetary and fiscal policy should have a single goal, jointly pursued, of maintaining a full employment level aggregate demand.
Keynes is not just for the foxhole, but for the emerging world order.
