Are we all Keynesians, again?

The theories of John Maynard Keynes have made a resounding comeback. But they, like a new book by his biographer Robert Skidelsky, leave much unresolved

by N. Gregory Mankiw – WSJ

John Maynard Keynes. The name, by itself, is something of a Rorschach test for economists. More than half a century after the death of this famed Cambridge University professor, he remains among the most controversial figures in the field. The recent economic crisis has raised Keynes’ profile yet again and further stoked the debate over his contributions.

Most macroeconomists—that is, those who study the ups and downs of the overall economy—fall into one of two broad camps: Keynes admirers or Keynes detractors. When these groups cross paths, the result is the ivory tower equivalent of a spitball fight.

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