Monday, 24 August 2009

The stakes are quite large

Henry Kissinger aptly said that academic debates are so vicious because the stakes are so small, but there are some substantive issues being raised by this spat behind all the name calling: The economy

On the subject of ultra Keynesianism, my former colleague Robert Skidelsky has brought out a new book on Keynes which according to Sam Brittan's review in the Financial Times is very good (as I would expect).

Keynes wrote and said so much that one can put whatever content one wants into his views. As he said (I haven't checked the exact wording), 'If the facts change, I change my opinion.'

When I read Robert's three volume biography of Keynes, I must say that it seemed to me at times as if Keynes was being presented as a closet monetarist. But it was a formidable achievement and when Bill Clinton came to Warwick to make his last official speech as president, he picked Robert out of the crowd to congratulate him.

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