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John Maynard Keynes Part One: The Establishment Radical
Nov 6, 2023
John Maynard Keynes, a significant economist, is discussed in this podcast. They talk about his remarkable life, his gilded youth at Eton and Cambridge, his rivalries with classical economists, and his rise to wealth and influence. Despite his achievements, his policy prescriptions were usually ignored, making him Mister Told-you-so. Next week: the rise and fall (and rise again) of Keynesianism.
01:02:04
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Quick takeaways
- John Maynard Keynes challenged classical economics and advocated for government intervention in the economy to stabilize it and reduce inequality.
- Keynes strongly criticized the punitive reparations imposed on Germany by the Versailles Peace Treaty and his predictions about their negative impact were proven correct.
Deep dives
Keynes' Influence on Economic Theory and Politics
John Maynard Keynes was a highly influential economist and political philosopher of the 20th century. He challenged classical economics with the idea that long-term equilibrium is not a reliable guide to current affairs, famously stating, 'In the long run, we are all dead.' Keynes believed in the need for government intervention to stabilize the economy and reduce inequality. While he was a capitalist, he saw the importance of preventing the market from causing economic hardships and advocated for a mixed economy. Keynes' ideas were met with both praise and criticism, and he was known for his sharp wit and clever debating skills.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode