Sunday, February 15, 2009

John Maynard Keynes

John Maynard Keynes is in the news almost every day lately. The guy died over 50 years ago, yet his name is in the news more now than ever before. Due to the bailouts and the stimulus packages, Keyes' economic theories are being put to the test like never before. I went to business school in the 1980's when that it was taught why Keynes was wrong. Yet, here we are. Can the government spend the country out of economic ruin? Can the stimulus pay for itself by stimulating and then taxing the business that results from it? I guess we'll see.

Keynes was an interesting character. He was openly gay in an era that was not tolerant to this, at all. He dine out ever night with his partner and referred to him as his husband. Eventually, he married a Russian ballerina. He was an extreme elitist who basically believed that if you took a handful of smart guys (preferably from Cambridge) in a room could you solve any problem. He hated the working class, Americans and the Irish. He thought they were all better off being managed from afar, preferably Cambridge.

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