Full text: What is New Since Keynes?

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Since the 1970's Keynes has gone out of fashion with the 
economists, the politicians and the public. Is that 
'because our world is different from that of Keynes, 
so that his solutions c^annot help us? Are there new 
problems which he did not foresee and which make his 
policies inadequate,useless, even pernicious? 
C New problems there are, certainly. And new problems always 
require that we adjust to them; we have to widen our 
understanding, to enlarge our explanations , to develop 
our policies. But there is no need for completely new 
departures. If we stick to the spirit of Keynes and not Os^ 
to the letter, we find that we can orient ourselves very 
well in the present world, We need to elaborate Keynesian 
arguments, not to discard them. 
go back to the old errors which he has refuted long ago 
and which have not become any less foolish than they were. 
This, however, is exactly what the great majority of 
economists have done in the last ten years. 

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