John Maynard Keynes – A misunderstood economist!!

     John Maynard Keynes (J.M. Keynes) an economist who had given solution during the great depression. Later he was criticized for his theories and proved to be wrong. There is age old debates which are still going for and against J.M. Keynes. Recently, in economist an article titled “A Keynes for all seasons” – by C.R. | CAMBRIDGE, says why Keynes was one of the misunderstood economist.(for full post click here)    

   The author quotes that “Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world. It is compelled to be this, because, unlike the typical natural science, the material to which it is applied is, in too many respects, not homogeneous through time…Good economists are scarce because the gift for using "vigilant observation" to choose good models, although it does not require a highly specialised intellectual technique, appears to be a very rare one.” (for full post click here)

     John Wasik, a contributer in Forbes has once said “One of the most misunderstood economists haunting the global economy is John Maynard Keynes, a truly friendly ghost who many have transformed into a poltergeist.” (for full post click here)

     Another writer Andrew Murphy had stated in Harry’s Place that “Hayek in the 1970s, in an interview with a Chilean newspaper, gave a backhanded endorsement to the Pinochet regime, saying, “My personal preference leans toward a liberal dictatorship rather than toward a democratic government devoid of liberalism.”  

          It is safe to say, Keynes is a very misunderstood man. It is time for the centre-right to embrace their inner Keynes. He is a man of the middle.” (for full post click here)

  Keynes “The General Theory of Employment, Interest, and Money” came at a specific time during the 1930s, it was not a blueprint for good times or forever. Whenever he was criticized for his latest ideas he retorted by saying: “When the facts change, I change my mind. What do you do, sir?”

    Any economic theory evolves based on the particular condition or situation of that period of time. So, it is not appropriate to criticize any economist or his works without considering their timeline, situation of the economy at that particular period of time, etc… (views are personal)