Keynes to the Rescue
Robert Skidelsky, Warwick University | November 24, 2008
Keynesian economics prevail in times of economic turmoil. ++ Britain should "expect plans for higher borrowing, tax cuts, and more spending in Monday's pre-Budget statement." ++ While economists and politicians differ on intervention policies, Keynes emphasized the importance of restoring market confidence and preventing recessions from becoming politically dangerous. ++ "In a depression, a government stimulus is needed to offset the decline in private spending;" a budget deficit in England is worth the price of market stability.
