We are all Keynesians now

September 28th, 2009

"We are all Keynesians now" is a now-famous phrase coined by Milton Friedman and attributed to Richard Nixon. It is popularly associated with the reluctant embrace in times of financial crisis, of Keynesian economics by individuals who had formerly favored unfettered free market capitalism.  The phrase has gained a whole new status as a result of our current financial crisis.  Who was John Maynard Keynes and why are his ideas even more embraced today, than upon his death some sixty plus years ago. Robert Skidelsky is the premier Keynes biographer, whose latest book is Keynes: The Return of the Master.  My conversation with Robert Skidelsky:

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