Daily Archives: January 8, 2009

By Peter Clarke  

For more than 20 years after his death in 1946, the name of John Maynard Keynes achieved a sort of posthumous veneration that mythologised him as not just a great economist but an infallible prophet. This happened on both sides of the Atlantic and across party lines. It was US president Richard Nixon who declared: “We are all Keynesians now.” Well, times change. Myths become vulnerable to debunking – and, if you wait long enough, to rebunking too. The Keynesian era came to grief in the 1970s. For about 30 years Keynes’s reputation languished. Then, in about 30 days, it has apparently been restored. Read more