Time marches on relentlessly. From birth to death of a human being, or any living creature, the passage of time is a constant rhythm, never ceasing to make forward progress. Try as we might to slow the relentless tick of
Note to readers: In this series, we suggest worthwhile reading material on a variety of topics, not all of which are directly related to investing. Some of the articles are behind pay walls. However, it is often possible to read
As we discussed in September, much of the response to the global economic crisis of the past two years was based, at least in part, on the economic theories of John Maynard Keynes. Broad based government intervention in the economy has been defended as essential to avoid a complete systemic collapse. However, as the economy emerges from this period of crisis, the views of F. A. Hayek have been cited by many who wish to see government intervention promptly reversed. Read this article for more details and a video.
Much of the response to the global economic crisis of the past two years has been based on the economic theories of John Maynard Keynes. No other economist of the past century has had such a profound influence on modern policy makers. The success or failure of the monetary and fiscal stimulus applied in the United States and elsewhere will depend on whether Keynesian policy prescriptions are effective.