The Fall and Rise of Public Heroism

Recently I watched The Man Who Was Too Free, a moving documentary about the Russian dissident politician Boris Nemtsov, who was gunned down in front of the Kremlin in 2015. A young, handsome rising political star in the 1990s, Nemtsov later refused to bend to Russian President Vladimir Putin’s authoritarianism and went into opposition, where he was harassed, imprisoned, and finally killed. The film left me thinking about the diminished role of heroism and courage in modern life, and also about the fate of Russia.

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The Case for a Guaranteed Job

“Any government,” writes the economist and hedge fund manager Warren Mosler, “can achieve full employment by offering a public service job to anyone who wants one at a fixed wage.” Versions of this idea have received powerful endorsements from prominent Democratic politicians in the US, including presidential candidate Bernie Sanders and Rep. Alexandria Ocasio-Cortez, who has linked a government job guarantee to a Green New Deal. Moreover, versions of a job-guarantee program (JGP), more or less connected to green economics, have been implemented in Argentina, India, South Africa, and – whisper it quietly – Hungary under its illiberal populist leader, Viktor Orbán.

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Norman’s Last Day

The funeral of Norman Stone took place on Friday 28 June in the Deak Lutheran Church in Budapest. His son Rupert asked me to be a pall bearer and I followed the coffin up the aisle behind the prime minister Viktor Orban. Historians Niall Ferguson and Harold James, among others, eulogised him. My presence was in a sense accidental. I happened to be spending a month in Vienna and I had come over from to Budapest to see him the previous week: on the day, in fact, he died.

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‘To cut spending in a slump is just wrong’: Lord Skidelsky on austerity and why Keynes matters

Interview in House Magazine
By Geoffrey Lyons

In a 2015 article for Project Syndicate, historian Niall Ferguson accused Lord Robert Skidelsky of being “un-Keynesian” for refusing to admit that George Osborne’s austerity policies worked. Skidelsky’s position, Ferguson argued, wasn’t true to the great economist-statesman’s view that one ought to adjust their beliefs in the face of changing facts.

Ferguson must have known this was a critical hit. It’s not that Skidelsky has come to identify his views with those of “the Master” that makes “un-Keynesian” such a biting characterization, but rather that he is arguably the greatest living authority on the twentieth-century economist. Besides being a prolific writer and lecturer on economic issues, Skidelsky is perhaps best known for his acclaimed three-volume biography of Keynes, a project he laboured over for nearly three decades. Still, he didn’t take Ferguson’s remarks personally.

“Niall and I are quite good friends and actually go back a long way,” he says with a smile. “But we’ve sort of diverged on this. He doesn’t actually say in what respect I should have changed my mind, so it’s a nice throwaway line.”

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Has Austerity Been Vindicated?

Harvard University Professor Alberto Alesina has returned to the debate on budget deficits, austerity, and growth. Back in 2010, Alesina told European finance ministers that “many even sharp reductions of budget deficits have been accompanied and immediately followed by sustained growth rather than recessions even in the very short run” (my italics). Now, with fellow economists Carlo Favero and Francesco Giavazzi, Alesina has written a new book entitled Austerity: When It Works and When It Doesn’t, which recently received a favorable review from his Harvard colleague Kenneth Rogoff.

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