The Revival of Keynesianism?

Is the state coming back strong and big with COVID-19? A reading list.

The Revival of Keynesianism?

From The Wall Street Journal to Foreign Policy, everyone seems to agree: Bidenomics contains more of John Maynard Keynes than Milton Friedman. But what does that mean? We have summarized the background and underlying theories in a reading list.

John Maynard Keynes and His Theory

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Image of: The General Theory of Employment, Interest, and Money
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The General Theory of Employment, Interest, and Money

The 2008 financial crisis and Great Recession made Keynes’s General Theory relevant again.

John Maynard Keynes Palgrave Macmillan Read Summary
Image of: Keynes
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Keynes

“In the long run,” said Keynes, “we are all dead.” But can a new wave of Keynesian economics save capitalism, long term?

Robert Skidelsky Public Affairs Read Summary
Image of: John Maynard Keynes
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John Maynard Keynes

The definitive biography of John Maynard Keynes, one of the 20th century’s most pivotal financial figures.

Robert Skidelsky Penguin Read Summary
Image of: Keynes and the Market
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Keynes and the Market

Keynes wasn’t just a great economist. He also was one of the world’s best value investors. Here’s how he beat the market.

Justyn Walsh Wiley Read Summary
Image of: The Price of Peace
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The Price of Peace

A detailed, compassionate and sophisticated biography of economics titan John Maynard Keynes.

Zachary D. Carter Random House Read Summary

Current Affairs and “Keynesian” Ideas

Engineering of Economies

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Image of: Capital and Ideology
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Capital and Ideology

According to economist Thomas Piketty, all regimes try to legitimize inequality through ideology.

Thomas Piketty Belknap Press Read Summary
Image of: Seven Fixes for American Capitalism
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Seven Fixes for American Capitalism

In the US economy, new fixes that once seemed radical are now getting more attention.

Peter Coy, David McLaughlin, Matthew Boesler, Carolynn Look, Katia Dmitrieva, Shawn Donnan and Andrew Mayeda Bloomberg Businessweek Read Summary
Image of: Regulating Capital Flows at Both Ends
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Regulating Capital Flows at Both Ends

Have you ever tried drinking from a fire hose? That’s the kind of problem emerging markets face in adjusting to volatile capital flows.

Atish R. Ghosh, Mahvash S. Qureshi and Naotaka Sugawara IMF eLibrary Read Summary
Image of: The Great Pause Was an Economic Revolution
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The Great Pause Was an Economic Revolution

The coronavirus has led the world to reconsider how the global economy works.

Bruno Macaes Foreign Policy Read Summary
Image of: An Effective Economic Response to the Coronavirus in Europe
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An Effective Economic Response to the Coronavirus in Europe

EU leaders need to find ways to mitigate the economic fallout of COVID-19.

Maria Demertzis, André Sapir, Simone Tagliapietra and Guntram B. Wolff Bruegel Read Summary

Monetary Policy and Debt

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Image of: Optimal Money Flow
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Optimal Money Flow

Quantitative easing should benefit everyone, not just the owners of capital.

Lawrence C. Marsh Greenleaf Book Group Read Summary
Image of: An Old Tool to Fight a New Recession
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An Old Tool to Fight a New Recession

To fight the next global recession, decaying money might be a better choice than more money.

Stephen Mihm Bloomberg Read Summary
Image of: Why Does Everyone Hate MMT?
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Why Does Everyone Hate MMT?

The economists who dismiss Modern Monetary Theory (MMT) as nonsense may be guilty of “groupthink.”

James Montier GMO LLC Read Summary
Image of: Accepting the Reality of Secular Stagnation
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Accepting the Reality of Secular Stagnation

Economists must rethink their responses to a moribund global economy.

Lawrence H. Summers Finance & Development Magazine Read Summary
Image of: The Idolatry of Interest Rates Part I
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The Idolatry of Interest Rates Part I

Some economic assumptions are so deep-rooted that experts forget to question their origins.

James Montier GMO LLC Read Summary
Image of: EU Debt as Insurance Against Catastrophic Events in the Euro Area
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EU Debt as Insurance Against Catastrophic Events in the Euro Area

European Union debt could help member states handle the costs of the coronavirus pandemic.

Guntram B. Wolff Bruegel Read Summary
Image of: EU Recovery Fund
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EU Recovery Fund

The devil is in the details of the hard-won deal on the EU recovery fund.

Jim Brunsden, Sam Fleming and Mehreen Khan Financial Times Read Summary

“Bullshit Jobs”

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Image of: On the Phenomenon of Bullshit Jobs
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On the Phenomenon of Bullshit Jobs

An anthropology professor claims that 75% of jobs today are “bullshit.”

David Graeber Strike! Magazine Read Summary
Image of: The Golden Age
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The Golden Age

Could technological innovation spark a shift in how society prioritizes the pursuit of profit?

John Quiggin Aeon Read Summary

Economic Critique of Keynesianism

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Image of: Applied Economics
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Applied Economics

Economic thinking is logical and has predictable consequences. Political thinking is emotional and anything can happen.

Thomas Sowell Basic Books Read Summary
Image of: Capitalism and Freedom
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Capitalism and Freedom

Ask not what economist Milton Friedman believes: this 1962 classic made him an oracle for traditional economics.

Milton Friedman University of Chicago Press Read Summary
Image of: Free to Choose
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Free to Choose

Nobel laureate and economist Milton Friedman’s seminal thoughts inform much of today’s economic and political discourse.

Milton Friedman and Rose Friedman Mariner Books (Houghton Mifflin Harcourt) Read Summary
Image of: The Great Contraction, 1929-1933
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The Great Contraction, 1929-1933

The monetary policy of quantitative easing has its origins in this classic economics text.

Milton Friedman and Anna Jacobson Schwartz Princeton UP Read Summary
Image of: The Road to Serfdom
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The Road to Serfdom

Why democracy and capitalism produce a better society than socialism and central economic planning.

Friedrich A. Hayek Routledge Read Summary
Image of: House of Debt
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House of Debt

The Great Recession showed that debt is toxic and dangerous even to those who aren’t in debt, because their debt-ridden customers stop buying.

Atif Mian and Amir Sufi University of Chicago Press Read Summary
Image of: How an Economy Grows and Why It Crashes
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How an Economy Grows and Why It Crashes

It’s no fluke: Read this fish firm’s fable to see why fiscal crises happen and how to solve them. Don’t let it swim away.

Peter D. Schiff and Andrew J. Schiff Wiley Read Summary
Image of: Fiscal Therapy
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Fiscal Therapy

US public debt is on track to reach unprecedented heights.

William G. Gale Oxford UP Read Summary

Further Reading

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Image of: Rethinking Economics
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Rethinking Economics

Universities mainly teach neoclassical economics, but nine other types of economics have value, too.

Lillian Fisher, Joe Hasell, J. Christopher Proctor, David Awake, Zach Ward Perkins and Catriona Watson Routledge Read Summary
Image of: Zombie Economics
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Zombie Economics

Horrors! They keep coming back! Why economic theories that led the world to the brink of financial collapse just won’t die.

John Quiggin Princeton UP Read Summary
Image of: The Origin of Financial Crises
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The Origin of Financial Crises

If you wonder how the economy got so sour, consider this alternative to the failed “efficient market” hypothesis.

George Cooper Vintage Books Read Summary
Image of: Stabilizing an Unstable Economy
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Stabilizing an Unstable Economy

Hyman Minsky’s prescient 1986 study of economic volatility is a modern classic.

Hyman P. Minsky McGraw-Hill Education Read Summary
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