The Unlimited Extent of Keynesian Economics

keynesian_economics The Unlimited Extent of Keynesian EconomicsMany people think that John Keynes’ economic theories were mere guidelines to stimulate growth and control inflation and unemployment. Yet it seems that Keynes’ outlook was much broader. Scholar Samuel Gregg unmasked the full extent of Keynesian economics in the following passage of his book:

Keynes was not content to limit the ends of this coordination to maintaining effective demand. Once the employment issue had been solved, Keynes believed, governments should employ the same tools to reduce income inequalities and increase leisure time. Nor did Keynes see any reason to limit such policies to the level of nation-states. Global and regional demand, he thought, also required state stimulation.” Samuel Gregg, Becoming Europe: Economic Decline, Culture, and How America Can Avoid a European Future, Encounter Books, New York, 2013, p. 70.