torsdag 19 mars 2009

Keynes om osynliga handen

Ur John Cochranes kommentar till Economist-debatten gällande huruvida alla nu är keynesianer, via Will Wilkinson:

Nobody is Keynesian now, really. Keynes distrusted investment and did not think about growth. Now, we all understand that growth, fuelled by higher productivity, is the key to prosperity. Keynes and his followers famously did not understand inflation, leading to the stagflation of the 1970s. We now understand the links between money and inflation, and the natural rate of unemployment below which inflation will rise. A few months before his death in 1946 Keynes declared: ”I find myself more and more relying for a solution of our problems on the invisible hand [of the market] which I tried to eject from economics twenty years ago.”

(Keynes-citatet finns även på

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