Wednesday, November 9, 2011
Keynes heartily approved of individual decision. He saw nothing but inefficiencies from committee or from government. He managed what these days is called a hedge fund, where any decision is risk management. His wealth came from inheritance. And as an economist he wanted to keep things that way. So it is hard to grasp why it is the right wing of the political spectrum has so suddenly made an enemy of him.
Have to suspect they never read his General Theory. Instead they prefer the message of Frederick Von Hayek, for whom the future was all about morality and proper thinking which could be simply maintained by surrender to market forces. I can hear the Hayek song, loud and clear. I can hear Keynes still trying to save the market from itself. As well, I can see Marx smiling from his grave. And it's a little depressing to know not much has changed since the 1817 Luddite march on Nottingham.