Since the financial crisis and throughout the debate over the government response to the recession, John Maynard Keynes' name has been on everyone's lips, but the references have been more of a rhetorical short-hand for a simplistic version of his approach to an economic crisis than an actual citation of his broader economic theories (I'm guilty as charged). Now, though, John Judis has written a very smart piece that puts Keynes in perspective and outlines his ideas about the modern economy. In part, Judis concludes that we need to remember Keynes' lessons during "normal" economic times as well as during a recession. Obviously, it's not the same as tackling The General Theory of Employment, Interest, and Money -- which Tyler Cowen has been doing intermittently over at Marginal Revolution -- but read the whole thing for a better understanding of our current situation.
-- Tim Fernholz
