Friday, July 1, 2011

Krugman's Speech at Cambridge on Keynes' 75 Anniversary

This speech by Paul Krugman celebrates the 75th anniversary of Keynes' "General Theory of Employment, Interest and Money. He reinterprets the key part of Keynes applicable to today:



I particularly like this lecture because Krugman takes on Keynes' critics and discusses how they are misreading keynes and why their criticisms are wrong. Krugman is not deifying Keynes. He is willing to admit that Keynes has been superceded by new economics (see 30:00 into the lecture), but there is a substantial truth in Keynes which has been forgotten by far too many right wing economists and ideologues.

Sadly the politicians and gatekeepers of the Federal Reserve and the banks simply "don't get Keynes" so the Great Recession is going to be longer and worse than it needed to be. Tragic!

And... for those who want something more relevant to the current situation, here is the Q&A that took place after the lecture:


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