Three Times Keynes Was Not a Keynesian

Keynes understood the vital role of markets as efficient allocators of scarce resources, although he proposed some policies that, he argued, would help smooth the business cycle.

John Maynard Keynes is, together with Milton Friedman, the most influential economist of the 20th century. His most acclaimed work, The General Theory of Employment, Interest and Money, contributed to the paradigm shift that took place in the economics profession in the mid-1930s. He’s also the most quoted economist among non-economists, who more often than not misrepresent his ideas.

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