Keynesian Paradise Awaits Grandchildren

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By Tim Harford

Published: July 20 2010 22:40 | Last updated: July 20 2010 22:40

It says a lot about the talents of John Maynard Keynes "“ and just as much about the shortcomings of modern macroeconomics "“ that when the financial crisis struck, policymakers instinctively reached not for their fancy models, but for the Keynesian idea of fiscal stimulus. These pages have been filled with eminent thinkers arguing over whether it is time to bring the stimulus to an end.

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