Keynes, legacies, and inquiry

Abstract

As President Nixon once observed, “we are all Keynesians.” And we do indeed live in a macroeconomic world, essentially, as defined and elucidated by Keynes. But Keynes himself is underrepresented in both political science and in mainstream economics. This is a costly intellectual error. Keynes’ prodigious writings, as well as his actions, offer a treasure trove of inspiration, analysis, and insight. This article considers four themes in Keynes’ oeuvre that are especially worthy of revisiting: the importance of economic inequality, the potentially fragile underpinnings of international economic order, the inherent dysfunctions of the international monetary economy, and, perhaps most important, Keynes’ philosophy and its relationship to economic inquiry.