It is the fate of famous thinkers to be reduced to caricature. Those outside the limelight at least keep their nuance.
Since reading Zachary Carter’s biography of Keynes earlier this year, I’ve been exploring more of the great man’s nuance. ‘Keynesian’ is now synonymous with massive crisis spending programs, but this characterisation both fails to adequately describe the practicalities of a Keynesian program, while omitting entirely the Keynesian political project.
A more complete interrogation is the goal of this 2018 book review in the LRB by Adam Tooze. This passage in particular was striking: