Review of Universal Man: The Seven Lives of John Maynard Keynes by Richard Davenport-Hines Splitting a biography of the influential economist into parts pays dividends I admit I came to Universal Man: The Seven Lives of John Maynard Keynes with a certain prejudice. I knew Richard Davenport-Hines as an accomplished writer and biographer. But he has … Continue reading Universal Man: The Seven Lives of John Maynard Keynes review – more than the sum of its parts
Category: Journalism
The Price Paradox
In 1923, John Maynard Keynes addressed a fundamental economic question that remains valid today. “[I]nflation is unjust and deflation is inexpedient," he wrote. “Of the two perhaps deflation is…the worse; because it is worse…to provoke unemployment than to disappoint the rentier. But it is not necessary that we should weigh one evil against the other." … Continue reading The Price Paradox
I agree with Syriza: the way back to prosperity is not austerity but debt relief
Syriza’s victory has injected a ray of clarity into the eurozone’s fog. The Greek people have said “enough is enough”. So, we have a new situation – and an opportunity to do things differently. The Greek election confirmed what everyone knew but wouldn’t say: most of the Greek government’s external debt of €317bn will never … Continue reading I agree with Syriza: the way back to prosperity is not austerity but debt relief
The Fall of the House of Samuelson
To read The Samuelson Sampler in the shadow of the Great Recession is to gain a glimpse into the mindset of a bygone era. The sample is of the late Paul Samuelson’s weekly columns for the magazine Newsweek from 1966-1973. Samuelson, a Nobel laureate, was the doyen of American economists: his famous textbook, Economics went … Continue reading The Fall of the House of Samuelson
Britain’s Closet Keynesian
There is a growing apprehension among Britain’s financial pundits that Chancellor of the Exchequer George Osborne is not nearly as determined to cut public spending as he pretends to be. He sets himself deadlines to balance the books, but when the date arrives, with the books still unbalanced, he simply sets another. Consider some fiscal … Continue reading Britain’s Closet Keynesian
It is indefensible for Osborne to cut the welfare state as if it were the cause of the crisis
The Institute for Fiscal Studies (IFS) has warned that there will need to be “colossal” cuts in public spending to balance the books by 2018-19 – at least £55bn extra. On 4 December, the day after the Chancellor’s Autumn Statement, the director of the IFS, Paul Johnson, said that it wasn’t for lack of effort … Continue reading It is indefensible for Osborne to cut the welfare state as if it were the cause of the crisis
Philosopher Kings Versus Philosopher Presidents
When I recently met Irish President Michael Higgins – sharing a platform for a speech in which he connected his newly launched “ethics initiative” to a book I co-wrote with my son, How Much is Enough? Money and the Good Life – I was struck by his devotion to thought. Indeed, engaging with ideas is … Continue reading Philosopher Kings Versus Philosopher Presidents
Cameron is right to warn of another recession, but wrong to blame the world
Ministers are up to their old game of blaming everyone but themselves for Britain’s economic woes. First, they said they were “clearing up the mess” left by Labour. When recovery stalled in 2010, it was because of the Greek crisis. Now David Cameron warns of a new recession even before it has happened– because Europe … Continue reading Cameron is right to warn of another recession, but wrong to blame the world
Mediocre State
Vladimir Putin’s policies have damaged his country’s standing and economy. When will the owners of wealth decide that he is not Russia? In 2004, the Valdai Discussion Club was set up “to promote dialogue between Russian and international intellectual elite”. Each year, two or three days of discussions involving foreign and Russian scholars and journalists … Continue reading Mediocre State
The Moral Economy of Debt
Every economic collapse brings a demand for debt forgiveness. The incomes needed to repay loans have evaporated, and assets posted as collateral have lost value. Creditors demand their pound of flesh; debtors clamor for relief. Consider Strike Debt, an offshoot of the Occupy movement, which calls itself “a nationwide movement of debt resisters fighting for … Continue reading The Moral Economy of Debt
Robert Skidelsky 