John Maynard Keynes is universally regarded as the most influential economist of the twentieth century.
This assessment is correct.
His 1936 book, The General Theory of Employment, Interest, and Money, baptized the deficit spending programs that the Western governments had been following — without success — ever since 1930. His conclusion: more of the same. Lots more of the same.
Because the West’s intelligentsia and its politicians wanted to hear that, they adopted him as the patron saint of government spending. He therefore became untouchable. The cover-ups began. The Web has made the following more difficult to conceal.
Professors do not go out of their way to point out to their students that Keynes did not earn a degree in economics. He earned a B.A. in math. He never received a graduate degree.
They cover up the fact that he got his job in the economics department at Cambridge because of nepotism. His father, J. N. Keynes, was on the faculty. The head of the department, Alfred Marshall, put up the money to give him a lectureship. He was 27 years old. They made him a fellow in 1911, at the age of 29.
They immediately made him editor of The Economic Journal, the most prestigious academic economics journal in Great Britain. He held that position until 1944. So, if you wanted your article published in The Economic Journal, you did it Keynes’ way.
Nice work if you can get it, and if you get it, tell me how.
They all knew of his homosexuality. They covered it up. The fact did not become public knowledge until the publication of Michael Holroyd’s two-volume biography of Lytton Strachey in 1967, an obscure book that became an instant sensation when the facts on Keynes became public.
He lived a charmed life.
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