Keynes and the triumph of hope over economics
9th February 2009
(The Financial Times is the British equivalent of the Wall Street Journal — if the Wall Street Journal were run by the staff of The Nation.)
Citing Keynes gives us special licence to talk economics without using any. To paraphrase the lawyers’ dictum, when the facts are on our side, we pound the facts; when theory is on our side, we pound theory; and when neither the facts nor theory are on our side, we pound Keynes – and to great effect.