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p. 1206. Keynes's legacylocked

  • Robert Skidelsky


In the late twentieth century, Keynes's legacy was precarious. ‘Keynes's legacy’ analyses the impact that Keynes has had on the economic policy of his time and how his ideas were viewed at the end of the last century. Most governments at that time believed that Keynesian remedies for unemployment would be either ineffective or mischievous, much as they had when Keynes first put forward his ideas. Keynesian policies today are wrapped up in a history of rising inflation, unsound public finance, expanding statism, collapsing corporatism, and general ungovernability. All of these things have seemed inseparable from the Keynesian cure for all the afflictions of industrial society. Today, there is no generally accepted model either of the macroeconomy or microeconomy, or the relationship between the two.

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