Institute For New Economic Thinking has just posted this 2016 interview We Were Wrong about Keynes [James Crotty].
“I discovered that the Keynes that I had been taught was not the right Keynes historically. This is one of the two or three most famous economists in history. So how could we have gotten him so wrong?”
In 2016 James Crotty (Professor Emeritus, Department of Economics, University of Massachusetts Amherst) sat down with INET for a wide ranging conversation about his life and experiences becoming a professional economist.
I have never heard this story told in this way before. For a long time I have accepted the idea that government is the only entity that can make some investments that society needs that just cannot be fulfilled by the private sector. I had no idea that this matched with Keynes’ thinking so well.