Calming the Storms The Carry Trade, the Banking School and British Financial Crises Since 1825 - Original PDF
نویسندگان: Charles Read
خلاصه: But this long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is past the ocean is flat again. —J. M. Keynes, ‘A Tract on Monetary Reform’ in Collected Writings of John Maynard Keynes, IV (Cambridge: CUP, 2013) p. 65.1 The quotation from John Maynard Keynes’ A Tract on Monetary Reform (1923), that ‘in the long run we are all dead’, is probably the most misunderstood in economics. It is often naively assumed to be a carpe diem defence of Keynesian deficit financing during a downturn. That is, ‘care about the recession we’re in now, rather than about the long-term cost of borrowing’; or ‘recklessly enjoy the present and let the future go hang’.2