Keynesian scale

September 5, 2013

It is erroneous of Kitty Stewart to declare that J. M. Keynes’ famous quote “In the long run we are all dead” had anything to do with the idea that economies left alone recover from recession on their own (Books, 22 August). What he meant was that history is made up of a series of “short runs”, and that accurate long-term predictions are impossible. As the 2008 economic crisis clearly demonstrated, long-run prosperity can turn to recession very easily through the machinations of some nasty short-run animal spirits. Keynes’ solution involved effectively taming these spirits as well as strategic government intervention.

Vincent Barnett
Harrow

You've reached your article limit.

Register to continue

Registration is free and only takes a moment. Once registered you can read a total of 3 articles each month, plus:

  • Sign up for the editor's highlights
  • Receive World University Rankings news first
  • Get job alerts, shortlist jobs and save job searches
  • Participate in reader discussions and post comments
Register

Have your say

Log in or register to post comments

Featured Jobs

Assistant Recruitment - Human Resources Office

University Of Nottingham Ningbo China

Outreach Officer

Gsm London

Professorship in Geomatics

Norwegian University Of Science & Technology -ntnu

Professor of European History

Newcastle University

Head of Department

University Of Chichester
See all jobs

Most Commented

men in office with feet on desk. Vintage

Three-quarters of respondents are dissatisfied with the people running their institutions

students use laptops

Researchers say students who use computers score half a grade lower than those who write notes

Canal houses, Amsterdam, Netherlands

All three of England’s for-profit universities owned in Netherlands

sitting by statue

Institutions told they have a ‘culture of excluding postgraduates’ in wake of damning study

A face made of numbers looks over a university campus

From personalising tuition to performance management, the use of data is increasingly driving how institutions operate