Economics

The Paucity of Savings and the Global Financial Crisis

Robert Skidelsky and Paul Davidson are both renowned Keynesian scholars. Skidelsky has recently written a new book on Keynes (Keynes: The Return of the Master, Allen Lane, 2009) as has Davidson (The Keynes Solution, Palgrave Macmillan, 2009). Both books appear to have been inspired—if that is the right word—by the GFC. Both Skidelsky and Davidson see relevance in Keynes, particularly in his emphasis on uncertainty, in understanding the cause of the GFC and in putting in place measures to mute future financial and economic downturns. Not surprisingly they see more involvement by regulators and government as being the answer. Skidelsky…

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