e deficit because unemployment, especially long-term unemployment, is still unacceptably high. 'The boom, not the slump, is the time for austerity," John Maynard Keynes declared many years ago. Kurgman: He was right — all you have to do is look at Europe to see the disastrous effects of austerity on weak eco

sed along with Communism in the age of Ronald Reagan and Margaret Thatcher. He spends a great deal of time attacking Friedrich Hayek and defending John Maynard Keynes. "Thinking the Twentieth Century" concludes with a recapitulation of the defense of the welfare state made in his 2010 book "Ill Fares the L

elow, it now looks as if I was right - and the implications for the U.S. economy are highly worrisome. You see, the theory postulated by economist John Maynard Keynes holds that the extra spending stimulates additional output fails to address the question of where the money comes from. Government cannot c

assical laws of motion and laid the basis for his theory of gravity, both of which form the foundation of much of modern physics. Never- theless, as John Maynard Keynes pointed out: Newton was not the first of the age of reason, he was the last of the magicians, the last of the Babylonians and Sumerians, the

he polychromatic properties of light like a talisman. In his essay called Newton, the Man, the early 20" Century Cambridge Don and economic theorist, John Maynard Keynes, said that the Newton of the chapel followed “...certain mystic clues which God had laid about the world to allow a sort of philosopher’s trea

tually the entire world was pulled into the fire. “In the autumn of 1919, in which I write, we are at the dead season of our fortunes,” the economist John Maynard Keynes wrote after the Paris Peace Conference settled The Great War, dimly aware that an even deader season lay somewhere in the future in the form o

ine power. Looking back on his formative years, before Europe was ground up in the First World War, the powerfully brilliant and sensitive economist John Maynard Keynes bitterly recalled the iron certainty of his set of friends and their confident, diffident arrogance: “We were not aware that civilization was

ovement of goods is largely automated, as are many services. What’s left for humans to do? In 1930—long before the advent of computers, let alone AI—John Maynard Keynes wrote, in an essay called “Economic Possibilities for our Grandchildren,” that as a result of improvements in productivity, society could prod

ovement of goods is largely automated, as are many services. What’s left for humans to do? In 1930—long before the advent of computers, let alone AI—John Maynard Keynes wrote, in an essay called “Economic Possibilities for our Grandchildren,” that as a result of improvements in productivity, society could prod