Essays In Persuasion By John Maynard Keynes

Essays In Persuasion By John Maynard Keynes-51
The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth.” This progressive deterioration in the value of money through history is not an accident, and has had behind it two great driving forces – the impecuniosity of Governments and the superior political influence of the debtor class.“Thus inflation is unjust and deflation is inexpedient.

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They were regarded at the time, many of them, as extreme and reckless utterances.

But I think that the reader, looking through them to-day, will admit that this was because they often ran directly counter to the overwhelming weight of contemporary sentiment and opinion, and not because of their character in themselves.

Would Keynes himself have stuck with the policy prescriptions set forth in his most celebrated work, '' The General Theory of Employment, Interest and Money,'' written at a time of deep economic depression and published in 1936? His whole career was one of finding better answers to the problems of the day, whether these were currency reform, mass unemployment, inflation or the reconstruction of a war-shattered world economy.

He did not believe in an abstract or ''pure'' economics.

Was the outbreak of this economic disease the result of Keynesian economics itself or of the politicians who disregarded the symmetrical Keynesian formula for promoting economic stability?

Keynesian champions blame the politicians, but economics does not live in a vacuum, and one must offer doctrines that work in the real political world. Kalecki wrote in '' Political Aspects of Full Employment'' in 1943, '' The regime of the 'political business cycle' would be an artificial restoration of the position as it existed in 19th century capitalism.

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By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.

By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some.


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