Manon's Econ Blog

70 years after his death: the Return of Keynes

Posted on: October 5, 2009

.keynes

John Maynard Keynes was an economist. After the economic crisis of 1929 and its recovery, economists thought of themselves as the rulers of the world. They saved the world from the biggest crisis experienced; they by consequent thought they would be able to save it from any other crisis. During this period of “economic victory”, Keynes said “Practical men, who believe themselves to be quite exempt from intellectual influences, are usually the slaves of some defunct economist.”

What that line means is that the entire world economy is ruled by economists. But that supremacy has repercution when the economy goes wrong. Indeed, who is to blame if not the people in charge? The world now doubt of the ability of economists to take control of the economy. No one was able to predict and prevent people from the actual crisis, so the power of economists is now questionned.

It is now the economist duty to better the economy in order to retore their reputation. If they are able to make the economy better, then people may trust them again. But if they are not, then the credibility will be damaged.

Keynes, even after its death, allowed economists to be famous, in both the positive and the negative way.

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1 Response to "70 years after his death: the Return of Keynes"

Well done Manon, great to see you taking an interest in Keynes. We will study his theories in depth in Section 3.

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