Saturday, August 6, 2011

Krugman Explains Keynes and Attacks his Chicago Critics

link here to article

Our current economic problems have revised the debate within economics about the relevance of Keynes. The economics department at the University of Chicago has been the most consistent opponents of Keynes since Milton Friedman started the attack on Keynes over fifty years ago. I have posted this lengthy article by Krugman on the debate between Keynes and the Chicago school, which has been the strongest opponent of government intervention in the economy, and also one of the dominant forces within economics. Krugman does an excellent job of defining Keynes and putting the ideas of the Chicago school in their place. If you start reading it, you may not want to put it down.

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