LONDON – As a biographer and aficionado of John Maynard Keynes, I am sometimes asked: “What would Keynes think about negative interest rates?” It’s a good question, one that recalls a passage in Keynes’s General Theory in which he notes that if the government can’t think of anything more sensible to do to cure unemployment (say, building … Continue reading The False Promise of Negative Interest Rates

LONDON – The European Union has never been very popular in Britain. It joined late, and its voters will be asked on June 23 whether they want to leave early. The referendum’s outcome will not be legally binding on the government; but it is inconceivable that Britain will stay if the public’s verdict is to … Continue reading A British Bridge for a Divided Europe

LONDON – In recent decades, economics has been colonizing the study of human activities hitherto considered exempt from formal calculus. What critics call “economics imperialism” has given rise to an economics of love, of art, of music, of language, of literature, and of much else. The unifying idea underlying this extension of economics is that … Continue reading The Economist’s Concubine

LONDON – In 1935, John Maynard Keynes wrote to George Bernard Shaw: “I believe myself to be writing a book on economic theory which will largely revolutionize – not, I suppose, at once but in the course of the next ten years – the way the world thinks about its economic problems.” And, indeed, Keynes’s … Continue reading Keynes’s General Theory at 80

LONDON – Is there a “safe” debt/income ratio for households or debt/GDP ratio for governments? In both cases, the answer is yes. And in both cases, it is impossible to say exactly what that ratio is. Nonetheless, this has become the most urgent macroeconomic question of the moment, owing not just to spiraling household and … Continue reading How Much Debt Is Too Much?

LONDON – Donald Trump’s call to bar Muslims from the United States provoked the following exchange with two young friends of mine: “If the choice was between Muslim immigration and preserving liberal moral values,” I asked, “which would you choose?” They both denied the question’s premise. The immigrants themselves, they suggested, might have reactionary moral … Continue reading European Politics With an Islamic Face?

The terrorist slaughter in Paris has once again brought into sharp relief the storm clouds gathering over the twenty-first century, dimming the bright promise for Europe and the West that the fall of communism opened up. Given dangers that seemingly grow by the day, it is worth pondering what we may be in for. Though … Continue reading The Decline of the West Revisited

My most painful experience in Russia was a visit to Perm-36, the only one of Stalin’s forced-labor camps to have been preserved, in 1998. I was in Perm, a city in the Urals, to take part in a seminar of the Moscow School of Political Studies. Founded by the remarkable Lena Nemirovskaya, the school’s purpose … Continue reading From Memory to Denial in Russia

The tragic exodus of people from war-torn Syria and surrounding countries challenges the world’s reason and sympathy. Since 2011, some four million people have fled Syria, with millions more internally displaced. Syria’s neighbors – Jordan, Lebanon, and Turkey – currently house the vast majority of the externally displaced. But, as the crisis has progressed, hundreds … Continue reading The Agony and the Exodus

Fiscal austerity has become such a staple of conventional wisdom in the United Kingdom that anyone in public life who challenges it is written off as a dangerous leftist. Jeremy Corbyn, the current favorite to become the next leader of Britain’s Labour Party, is the latest victim of this chorus of disparagement. Some of his … Continue reading Taking Corbynomics Seriously