ix The Heresies of John Maynard Keynes A few years before bis deat, Thorstein Veblen had dose Something oly ox of charaier—he had taken 8 pangs the stock market. fiend had recommended anol sock, ana ei. inking ofthe financial protien of ol ag had risked a part of his savings. He mide a Iitle money on the venture at fst, but hie iseparsble had Tock plagued bhim—no sooner bad the stack gone up than twas ted the earren il scandal, His investmont eventually became ~The nde : ut 8 unimportant elf exept insofar a8 seve one moe ty ck in Veber’ arm And ei fnother conte thik pathetic misadventure is cusouly re ‘ealng. For Vb ns ha fan vic toe sae ‘Minded Amerce: when the most dem hoe of ts observers could be tempted to sellow shee poe any thesis of ponent were vse tev tan Ameria hate in ad fund oe 4 ln of ts to wh pase 7 a ps andere lod of income compare totter doe sean, Wien Herbert Hove sd seth ene sp iin sight of the day when povery ll Be 28 | ved at 835 a week sis there any wonder that the country was drunk with anf last woek of October 2g2g, the market ity, “We shall soon withthe help of God “te HERESIES OF JOHN CATRARD KEYNES 249 enh en hae er rahe rte ter, tafe beter SOE Winsett fee cae aren ae be anes oe Soe Ne els eau eel ey ete at wil sincere ete Eiki jb Rl, fe Denese oe dames ed ache Berk the Lai Homo Journal: “Everybody Ooght te Be [icitgaine ieee: Roster A Fa te eof rey Jeane [eferrictaecchcmmnraraaoe Delete enter Tia ath nee gon! teh ‘nan would hoop romvestiog his dvdends, Rigured at about 6 se ohne ces nae Hae AAT ann ood esp bo see eet Minna cea ob he ol Pasty sce ot [siete eit sou ees pty pe SSBC ings ath he fo be al ve 7 ny lb eh SSS Aouad es Scan adie op neon tit tpg leon» a _$8.8oo in 1g27, and an incredible $16,000 in 1928, Incredi- SOG ASIC a pret in ca oe eM ae en hres Sova ent pct orp has no rc oy cod be Fis renting this the rye oad to ches? Barber oF pra er Da ee gant nd | ereryone won, andthe enly question in mest people's minds Say thy ad neve thea oft before Tr bucly necessary tr dell yon the sequel Inthe ape. To ihe on the for oft Stock Fschang mst have cn rf Sige ha deny burt through the winds, fra cataract of unmanageable selling converged on the mar-250 THE Wont Ly PunLosomuens ‘Ketplace. In sheer exhaustion brokers wept and ob tty weed ceeds tame ees ie ensue hg oe hates nes tag stenton of yer The grim oe othe peed {or omehes wa id th th every sare Gal Seeks you gta complinentay Teoh sn that wh booked a hotel room the clerk inquired. “For sleeping oF the dors was ppt an th wskage vs was wept aay the wea was fa bl two ire mor th mae vt szound it bd aed nto mani years yp blion of Simply dlappere By the end of thee yar our avons ng, and then had ensured his fate by eagerly buying rane quantities of sock--some 300 malin shares # ted not uth, buon mar, hat, on boroved Tovtble or nt it was far fom vibe atthe tine x rave cy tt died no ary the nos of some spel Ag Shrtg he nao ffs base Boal. Evens erient -coormtasiing Fhe of Yale ld by the oper= of prey eon te, Derting tet eRe ory te at sae ot dap int of ues had used Soma a eal. o0 of ving as ort burl Soee Theva rink of ht platens one we tothe dy afer ke oi Etoy las Woke Ssked ean het el cn roy las Wouly soled en ket A wa wat the dd of the ck att ich ts age th ah of generation Efaj wend he onion of er ening propery. Se er os http oe Ratt oases get ken Seer Leh elves fear mtb ec 0 SS aero te omas ee epee ae Edita amioctgeep ae auc Sao rl meee © businesses failed. The national volume of salaries dwindled Ice epee ere el cae oo ee ere crac cee ea Tn Fetropet it was ineitble. The stock warket teen bit oa hoeyeomb of lass that could beat ft toch sera and no more. And’ more thun tht thre wre say be and ten nh don propped up the magnificent show of prosper. Charman ReMi's onal ements afthetaly cera enoogh all ight, ut never red the question of how a ‘a sto save $35 ou of en erage fay envelope tat Sasa 3 "ational flood of come was indeitbly impos ints bal, bat when one flawed coure inf milion termina rts a parent ht the nation ss ale bested very anevefm ow Some qcn fas atthe apex ofthe social pyramid received a stoan of neo thre ines as age a Olio fue squashed at he be tomthe erage tteome of the fortunate families at tae ‘as 6go time the average snome of he fn ! Feat Not ny eccotog pesca the Tlapy Daj Are Here Aan” but the national income hullabaloo of iiss svete million etzong je preiptouy fel rom $97 billion to $75 blon Tn ax the rent sang Ive Got Poe Dall; mene scone | flumaeted fo $39 bilion. Tn ig He song as grime proto Can You Spe a Dne?”—ationa incre had hte tos werable lion cut of work and ignored behind thet fade of data ma be, banks had been fang atthe rato of two a day fo iz ers before the eruh. And thn there wast atte the average American had sod his property ina scidal a254 THE WoRLDLY rrmtosormins Doomed: Keynes loved ie and sled dhrough it buoyant, ise, and consummately succesful to eoome the archi ‘of Capitalism Viable. Perhaps we ean trace Mazr’s pasion of collapse tothe thread of neurotic fllre Ihatked his practeal fe; fo, we can surely edit persuasive salesmanship of reconstriction ta the {nd achievement that marked i “His boyhood was Vietoran, Old School, and preme tory of bilinee. At age four and a half he was areal pls ang out for himself te economic esting of interest i fer wondering hot ho red a sor er found him a “thoroughly delightful companion” ‘went toa Mr. Goodell separ ‘idence of his ae for handling te, elena Ki rendered in exchange for asitance withthe leeter pro Ken meso as merle wh ee toy whom he dslted: Keynes agreed to get the boy one Bonk week out ofthe layin exchange erty ofthe second par agreed never to approach within Bf toon yards ofthe party of = ‘At fourteen he applied for and won a scholarship Eton, Horror stories on English pubic schools tothe Com toay, he was nether sedistialy abused nor intellectually qashed. He bloomed, hi marks were superlative; he won int y te score; bought msl «er wat sghe; grew tall and rther stoped weed {nto a snob became an Eton en thor when he was only seventeen shows a discemment nnusual fr that age. The Boer War had ome toa climax and th headmaster made a described pert Ought to show our if anything done mast be of bests aways ton was avast sucess King’s Call vaso bea trump Aired Marshall 4 fallume economist; Professor Pigou=Marsalls heizto- bbe—had him to breast onco a week. He wat elected Sec: lows: he had a “slave his schoobooks, a s fulred & taste for cham tnd coltvated a must Daten: and without turning thusiast. Yeta letter to his “ime HERESIES OF JOHN MAYNARD KEYNES. 255 yf the Union, pos automaticaly carping an etl Ronco emai antares de "lca te er ms enh ty Leonard Wf anyon Stacey hse verbena the trie Bata eo Waite he linet ouatsne Stacey Jr the “walkfudesofmbocke montis”): bought ‘cjed up he al ang hone. He was Tr phenomena mus ct ad thre en the qs Ee fueedta Head ven ite money andthe prospect ssc care fered Tes Ao beh lager tone Feet mage ealy regain Trt or 2 est rs the ening polo” he woe Sah 59 a Mesnutng aster te pipe thee anes = Seon nd scenes ne Shed ly on pon ae 0 Keynes ation Be Sonesta ty the pb ote to sacs, He took ‘feces cams ah epee Sth ager ask f hs nsucae os 4s. fat male Srna bout andsovwharwa ture o et aerate din the tp ten, Of emis be did bo ee eo in his ies maren i he reoor eo TE, SERS cinatonestdenty new tore bow Eon Gy than eames,” be explo ltr remark tat Sou egal pg # ee = fence in 1907 to the India Office. Keynes hated it He ves bss ere a a de | iste ean an he ond th pot of anor = Sila pbc are fom rinsing tary, Aer aster he ta hd nag Hs ers, be ddr, co. _ Sar hanng one peice tl stipe to Bomby, nd © T'Sat be ha fu in poerent orks tht ane sees omar mht oui ou beng sib” He ‘Sc nd ee hao Caine ath ey onl TSAEESE Beno utr user, Fron hat ef eased inde sarge wrote aban 3913.08 dan Crreney Sed Emme which enone amie basal mast238 THE WontpLy ramLosomens nd yh Rl Consens fe sovita: lermnresm eg wspaae Oe tied te wale wa honor. * ee eee nonce ates enka cera eer tent pena suite ete taste a for thiny-theee years. enn’ dant hn Cant ws Ron mc ge a Pel ree el Cee Ebadi ow md Sones a ‘reputation, Perhaps not more than twenty or thirty pe fever belonged to that charmed circle, but thelr opinions Sean ea a Pc Escalante Pa Forty Gh elt Ferien ES Wary se ‘was made; if it frowned, he was drop It is said that Tom oupni webs sot sions Bennet depicted ete oo meee teeta ao peng digi eva Sion elke sar ea HEP Sea a eon ae we et ia cag a ee a ac nc funded bless sents mont lnc Ene ease cota igre—aber cm | ci a is oa eo on gt oe Seri hs ee eR the choreographer, and many another atist or professional we eel eet Nome wee that..." His nickname, it might be added, was Pozzo, aso- nc ped oli ate osc oe SL ee clea tava emake vo wa eee ee ee vown ti ‘une MERESHES OF JORN MAYNARD KEYNES 257 ~The war yeas somowbat doped Bloomsbury. Keyes il to the Trewuryand aged to work on Bias finances te must have bom someting of 2 phe Sa thm, too. An anccdote im poh ws len r= "plumed acetate: There wat an nent ned for tetas With ial mals su nas ae op “iiprepored isto «rte Sect to the Teer in ssh that at any ae for abort ne we had 8 Syospeueas “Oh nol sd Keynes. What” stds hr Mie ie oi thn lm gig break the market? othe” . He was oom ak gue inthe Teas His is big po and on eno, Roy Hare el ws that mon ee dguent have decaed that Keynes conte omg the war than 0 oe person incl Chat an may, ho managed to nd te or other hs “Dart Boat son fo France be was seized wh the Bure woud hep flaos Ge Frenl account with he “Batch they old somo of tht pers to th Nationa Galt Tle tas easly seqled& hudred thous dl “fps woah of Cx, Dela, For, Ganga Inge, | Mano for the Bish, and nanaged to get a Céeane fr ig ern sling ui eps wore le repel. Back in London bo atended the bale Tula Kipekoa va dancing the pact ofthe Deny "The © Cho bro Laisa she was the rage Te Stvells E Satter to's pay, hee sho and Keynes met. One oan gs Kee th ho cle Eng a yy with ee Cee rugs ith Bogs" le bongin te county © SIGSCRCSI belawo ny loge gts ten by br bn ‘Bot allthis was tangential to the main thing—the sete ment of Europe after the war. Keynes was now an important ea rete pier en ne standing ind the chair ofa head of stat ready to whisper a guiding sword. He went to Paris as Deputy forthe Chancellor of the | Exchequer on the Supreme Economic Counc with fll To make decisions andl 28 representative of the Trea, Fan at the Peace Conference itselt But he was only second260 “Tle WoRLDLY punLosoruens tnd He tie soos he iit ee i {Poaune nike incatial mals ener otal ‘fashelped wit loan om a bankerwbo bad never met thot who was inpressod by bis work during the wa conped and went ont rll yp a fovea worth then $2 {nit arall done inthe mor casa wy Keynes ds ate "he ce dad at Sect tinder co rans Slsepud tc ie” mbt ad As om ssre nothing bt mimi sertny of balance hee, ole of nae, es into to pron ‘The, dd oma fort. Abed in he orig ‘ould study hems of nancial ineligenon mah hse hone hi rer, tt ta aw rer or ore important ings, ke scones ‘ould live gre elong fs th Dvd Ricardo He made money hy the way, not ony Tor Bale. ‘became the Burr f Kings Clloge and tamed «fund of fon i neo 580, He mig en ee itutand guided tie inncoy of ie insusace company ‘Merile—there was alvayt more than oe Gia sping on ts Size with Keyne “he wrote forthe Manche fr Carian, ge pla ce Carag ch Spied diy hry wih an innate scot of ie gong | ahd. penonalies of the Intertond comm mar Seger ot de pees ome engi mo ps end nk a ray see ie ten Sky oem Get fee aerate, ge Lome Th baleen rae te ae i ae od eS Sea te cere on mt ol Do ere eer SEL a a ee sien the oo aden, not ie dsome cr} and a ed, BE 2 a al os See Eros one ey fn pel abe pedo ‘of eoncealiment male “oP hss inordinate interest in other fg eats rade of “ru MERESTES OF JON MAQNARD MEYNES 261 ped mth id ver rom Bon dal mle re feline Tho es wee est rea te Sere ey sol gee. ang 2 ens tae Doers” om oe te ems on wheter ar acting 5B grament exssary, specalator, Bloomsbury briliant, or bal- Tetomane "There was one odd mannerism: Keynes Hked to sit ike “pag fg Cite dr ssh his hands Et oft nthe oponing oes fis cont Tas fret eel the more cous beease spss hl wh a eT cen wea athe ent of e his and his wife's hands and talked of mak- ‘Teallection of casts of his fiends’, and when he met @ | OE Safin thing he ocean tho character ars fd fingers aod an Frat Preadene Tater, when be first talked with Roosevelt he noted down this description of the Bott fist of couse, I ot eke a hese dings. For aaturally my a TENE Ga2 For and fay strong, ot ot clever or fnew, shorish round tall like those at the end of a business man's Ginger. {cannot draw them night, yet while not distinguished (to my eye) they are not of = Common type. All the same, they were oddly famibar ‘Whore had 1 seen them before? I spen ten minutes at Jeet searching my rorya fo a forge nae, arly lowing what Tas saying about ser and bal- (and public works. At att came to me. Be Edad Gry. A more sold and Aneta Se Bia Gey 1k s doubtful whether Roosevelt would bave writen as the did to Felix Frankfarter—"T had grand talk with and. Heed him immensely—bad bo Town that he was being ‘summed up in the ejes of the other as a businessman's ver: sion ofan English Foreign Secretary282 THe wontDLy PumLosortmns “rr HERESTES OF JORN AAYNAND KEYNES. 285 . se cidhcnth-centy Pape when the Misi By 2505 sare) a blll eablihed ee al coe tm seamed The bolas ind Corey ond Paste a lee acm of epson a8 cote de uo, lew small one: The Enome Comepceca me © TE i ty in gn, the esse an le we se he se Soa foes, SoS Tog age etn a anise oe Soap Se ae ge ca Se ee clare yack oer fee mo Eo Sete een hele was responsible for the development of quantum mechs ~ What lay behind this alternation of pros and de- ma ahi elt wengengeet op aes rs i, Se geo ces considered going into economics z é ging into himself. But he had ‘ppeintment, and cide aginst twas too hard. Keys repented theo with elo a iend ack at Cant, et a ete ah ehores m7. Bu alagh such ate: ad te Seen “Berta sel wa telling ne Jot pon of tho sate of ety tat he'd alo thought abou going ne secon ISNaT'Stect or Lombard Store, Lancaster or New Bathe dasdeditwastoocages tS Wien seaweed te be question: Wha eases Bat athena wis ely a Sdn, at we know, ae agin et uaneneres e 2989 Tract on Monetary Reform an tase he eb Smee ean hoked outst ce eonanic ‘of the world. Now Keynes was inveighing against the | W, Stanley Jevons, whom we have Fes of pin he pcr pny eine by certs puedo control oftheirovn curencies MME. ars on sonrots—not que so farted an te as and their transfer of this responsibility to the impersonal | might at first appear. For Jevons was impressed by the fact roschanism ofan international gold standard. Hewas atch. Me SG OT PR oe oan to 1878 ala ah average ‘el book, of couse, but ke all of Keynes's work, up wih ration, from boom to boom, of 10.48 years, and that ttn rw One Sey wl ee Ade to te sock WIE not ich haben dcvered in 803 by ir Wilbias of English aphorisms talking of the “long run” consequences ‘Honchel) showed a periodicity of 10.45 years. The correla- ‘of some venerable eoonamie axiom, Keynes dryly weer Ta ned, was too coke to be purely accl- ‘the long run we ae all dead | Send” Senate thong ext weather ols, which ‘Then to off a sao he publihed 4 Teste on (ge SOA SSE chs, which cased crop ees, which See | oi for one thing A sometimes balling atom scobont or a nt a bl theon—eacept for one hing A more ‘whole economy. The Treaties fsclnting Honk, bet carol aon of the sungpot ees lengtened thei pe- took as its central problem the question of what made the eit to eleven years and the neat correspondence be- sf 0 unevenly now busting with ol ,leatal mechanic and the vagaries of business broke ow oh wth epenson re rr eerie of wy an he gus or hes, ofcourse bad absorbed the attention of MME She muah factors of bese eles rotumed f0 more economists for decades. Great speculative ershes aslo turthbound considerations. lke the 2929 bust and its predecessors in history (we saw one Troamtrwed. an fat, to an area frst bumablingly but intu-284 THE WoRLDLY pmLosormERs ‘cvely pointed out by Malthus a century before—the are saving, Perhaps we remember Mathus’s doubts his “general gt Reads bad sete Mil al oak pk and the Hea had become part ofthe depute cot ons nonsease of he sero To say hat sn ‘once of trouble, at was taping al Xr dnt moa hal oth 1s prleoc nthe condt of every llyin tat ofa great na ‘written, Forin the early Bon, by and lage those who sed ver the ney ne pop one i par In the hnripressed word of Ricardo or Mil veal a cal peuple who cold afd to sve were wey to capt, and any sums they put foger wre usa npayed in productive lavestmens of en and ores rence saving was righty called "accurnlaton,” fori 9 sented s two-sided com: on the one hand the amusing a sum of money, and on the ther hand its immediate er Sent puchsng thts or bung ats ale eal improved, and alongwith the poss of ring became open to more and more masnbors of sce. Ande thst tie busaen banger and mote we ‘Moe nrg od or non cape me blots of ts Intl anagem rae te onymous pocetoaks of tte tl oer Br we Honor ein and ivesig bres dorcel fom one othee—the became seat penton sd Ip si geo pe ‘Sad this il trodue tole ato te conony oth ita a ag eee il aticulated feeling that saving could somehow resal i private arly can saree “re MEnESTES OF JOHN saan REYNES 285 trouble so important so cesta othe problem cgenion ne at ks a oent ake at ee ak go-go Rc yeaa chine Nox ye el ast, mines fre, ad Frets i ot yon gen en 2 “pression. ‘But income stil income—is not static concept E ndood! 1e central characteristic of an economy is the flow of aS Thnd to hand. With every purchase that we 1 oat imrncnrie ce it wat cpr fer om tt oe my Eine eras Drm riman iba deis Fe ee ho pest hes torte _ “your services, oF patronized your store, or bought FESS raf the eorporaon In which you own bonds or we Consider any por- Tes by this process of handing money around—taking in cach other's vas, st has been deserbed—that the economy ‘is constantly revitalized. income an cent ths process of hod , ‘around takes place quite naturally and without hindrance. All wore ple mee och a af Shrmoren omnia fh el ornate et a tet ei A The ft that Ses tad joes, csr a Sheree and at we eave enjoyment. aay spending on he pat falls a ng gute dnp and iret Bot tec i{HE HERESIES OF JOMN MAYNARD KEYNES 267 : — re ashore cri erates oe such an eventuality come to pas? We sal see. But abet ths segs ad pales tg of Haare rey n sarc copia se tums ens pode ate Save soe of the Incomes, and peel wits tre ne jt ay pode nang wth see us stason warrants ling St cnc ig ewan AM} ot the one 12 of those two sensible decisions the fate a ange For the con aro of ot th ffncsne vet s than he cont ese fx pas hen ie ecromy wile oa oc = Gt depresion. The vial question of boom or lump depe eines Se aS wm ny nag cl Reena cee sien tyasmdma trices Eira caters ST Se Mele atnerbe mton ents nome eve Satoh iniremntcte ra eee gaa Eee Sao Shc SAS atom hy dele stat—but in ast fal boon face its possible conse- tee en needa a : rard Ke and ie dni oe Kp an uber tte oes as Tiere cis the cont, held ot « pre Mfrs ue of aon ht say be sditproposed nance ers and explanation For The Generel Tico Phat oft he ed begun bale iia ie ope Aen sel : resrption we win: tn meiie vas beng el able Western wor es ff busines, And 8 the lore the doors were precisely sue what iter vafceat investment om he part bo. The Handed Da ofthe New Del hed eee of soci egton tad been backing vp torte behind « dam of governmental apathy Faces oy mean to improve the social tone the mone, ofs tees tented nation. But it was not soda lgltos taut i abet o- geal if usines 0 Aeon With his tongue only pay nso wth bak es, Signed to revitalize the patent That Sone eae sa the Treasury were to fill od ots with bak nts ike: the deliberate undertaking of government spending te bury them at sitable depts in disused coal mins Wht stimulate the economy. 4 gue then lle up to the surface wi rn ‘Tt began as makeshift work-relief. Unemploymer leave it to private enterprise in... there need be reached the point a which some sort of eet soe ts f_ltsersare to dig the notes wp Ae pol te reper. by pare potical ncessty—afier all this was @ tang aha 10 more uneriployment and vith he bel there were riots in Dearbiom and a ragged march on Wash esos, the rea come of ie comment woul pohy ‘ago hen fos hdd fx wlth en oe Sly become a good dea lager than 2 woul eSnerator buldings and even serabbled for foc in geagy Inde, be more sent ificalties in the way of doing trucks, Relief was essontial and began under Hoovens then, ‘but if thar ae practical dtc: oe Mader Rove rele tire fa lek we a AEE, Ue bre would be bate raking timed into constustne entemrse Tetons any ofthe more un ‘os suena major ecommerce ea “osome tn doubt appeared tht any of th mare ne 4 fotlums, srs, barbors, and housing projects blossomed ME orehd on ae hat they ha a 3 for Keynes's whimsical proposal rise found itself unable : rer ae ana a we ete oma id they pe ci ed lk ae nade his notes on the impression of President Roosexeles to cary forward with big enough program of resets ) hands-and urged that the program be extended farther Shen the gmement mu iin ft ool he set : Ronse tei ia ge pe Sem of a so 7 : ‘ate nvstmeat at: es ic Bad tinge ator tha ng smelted, are ets ae lS dps ME “PNET nh smal oy A 3929, had fallen to the figure of $856 milion in B then, at lest cones oet consurmption provid the 1938—a drop of g¢ percent Something had to start up the ‘capricious element in the system, ce ple wens projects Jnvestment motor tat hoisted the economic ea up he ‘oor of economie activity, Be Pore 5 get the problem wih a to and he hoped that government spending would aet as such ¢ ‘rere thought 10 a ae poy power ‘Frm seg mate's rel bung ower WM by dy helig to ssl the ora resumption of ‘pring te va led in hoe da se memplye any ang twa : Hence when The General Theory came out in 3998, | private busines expansion.278 THe WoRLDLY maitosormens ptt bt the engine nd 1838 the still more chilling voice that nevef weaned of Ing ou dnt Hr nd Mala or oe ‘pepe. weer of erm en ‘espera action, the message of The General Th sun ne of Ca For while Keynes espoused a ‘of man: aah coat Shes pee an need bs ea ty teste soe car Sot in espe ret oe rs er imprest lc on Soci fer te Se ere ERR ae el econ le Scop RLM ney on Inorg BY far than contained a deeply oe ore lanned economy. Ie sympathized ina Fe autshicpmiesr neaeane na Se Bed i. el a tea tree | indeed I should ny we ast cra maa ee cueeas: Sometimes snore art aah eee ‘na communityin which fe nosis, and vith his cure—altnough, “THE BERESTES FJORDS MAYNARD KEYNES. 279 ' “rightly oriented in their own minds and hearts to the | orl se Thin fat aready te of some of thes eee Pnicihagecemcas patelSeocio Pa oases 1s this peas a nave hope? Cen expt bo mane Inte sense tht govertnest plane wl an the owt of penn om and of in such vay eo applement ver to dplace, private investment? The ste I tl i oe ‘Bat we wl oxime decusion of tothe coming For hore wear dealiag with the man Keynes nd bis be- 5. however misguided we may juige them tobe. And it oul be e rae erorinodmento place hh ma, whose in was to rescue optim, in the camp of thse who ted to submerge True, he urged the vocation” of reset gh be war ave da ut wt neu; but fhe sarBond the parts ws fo mn the whole Sor at heart he vas a comervative—long an amir of | Fdmond Burks and of the ton of Emit government fre which Burke ood “How ean {acopt the (Comms fe) dora” he bad writen n19g1~when the view ws by terse sy te wichare ep ae “hve and beyond crtidem, an obsolete tecbook which Know ot oe obo scene emoneoas but thos n- terest appction tothe moder world How an Tata ‘on hits, preferring the mod to he ish eal tho Door fpr ahve he Hur ad the elit sth wth all Be fs, ere he aly of fe and surely cary the seeds of al human achiverent?™ ‘One might quibble wth Keyes theories, with his age th ht hen, Sobre gon nd to more thong oy 0 1 lagnosy, n no more lag cure was propounded hy these who fn ‘ited tht Keynes vat only a michievous meddle with280 THE Wom.pLy mnvosortens “TE MERESTES OF JOHN MLAVKARD REYNDS 281 tem te ord wall exouh, Bat o oe Tistine he creston ot copia oe ee plone grate a grec te Ee Srl bgt oa Sa ise boar ho mange to ind sme to serve Ho wrote “elunns “Surely is inpossble t Deleve that there il be sucha persona Social diseliee nis Bence ad thts When terest. showown, seaee rel heve pase before they remere hat they ee td wie defeat Latest your oko, eng donor of feedom and cation to Cole Bmp. Old Schoo! Tw for tom Three Cheers PY Nien the war cune Keyes we oil o be pera- rober ofthe ginemnet. The gave im oor in pe Feary ad picked hs bras He bad lady write er back Hew to Pay hr ing hat "teed sso” a the prince means of Banc Shar The plan was simp portion of every wage He was 8 man incpable of doing oly one tine: Wiebe was contac He oe sie ava lng gers Cnn ‘iw 1 Np) Keys ve los the theater ma te Black n two yan ao oes vas inmense. Keynes was result tne anal acl kt ter on oe ee et fled 'o materiale), husband ofthe lndng (yi ted in Shakespouc, with extomely god en ttn concessional. He atachod aresauacete et tnd Jeol watched ts rca “pavers poy sv atonal be ines in gerament : is receipts, graphing th ‘Penk Ube would not be avalable for rem ntl afer flee ve Thn, ut when conte buying woul ag be one hor Thee vag the svg cots con be cae Satie ef cn ee meget eh pe tei talngbicngs anf tose he ces Soa {Sta brat artlsindelenerch e e ‘Computorysasing-sht change fom his carer ef “ys to whic a kindof compelory lvestnet But the ange ws in the Hes and notin Reyes’ thinking. The = Sid proton ha been to il ivestnes, and i symptom Uh been unemployment, The new problem vas to much fresapentan aout armament ete is smptom Ss lation. But the famenork of The Geral Theory was ref tn undersandg inflation at fa bon in under- “Sanding, indation’s oppste—snepeyinoat, Only Hos _tgstle down, Now fore and more tneomes were bun Bes oth etn of he he a li "fess According the cue ws he opposite ofthe depression eben hives hd ed tat eset be Ete Ipvevery pos means now he ange that savings aust be “The point i important because many have mistakenly ged Kye san econonist who favored alain. He did ie rein mga of comes te not pew) = from the depts ofthe depreson. Butt eink that he fic | ore inftonforinlations sake was to isegard sucha ps- Sgvasthis fom The EomomieConsequoncs of the Peace aac —— Seeatadersat i ea = gon ca ere a tty ingen282 Tue WontnLy euLosorHENS “Lenin sid to ave declared tht the best way ed siete pts ea bcs be 4 conning process of inflaton, governs cenfbcte, sot and obser, of the wealth oftheectzes. By this mello anly confiscate, ft they contact array Lenin was cetinly nght There no subtler mo ears f emit ting ts of cea ch the currency, The process engages all he den forces of economia onthe side of desu tl dovs it fn a manner which not one man it | Sable to diagnose But despite its loge an its appealKeynes made m ofthe fact that his deeredsartngs pan would sone ‘iden the diibuion af wealth fy aking everyone cxmer of governnent bonde~the plan fled to arose ma support If oo new the old methods of tation snd ing vlan dies er tod and lace Keynes had ens But he had no time to lament ts cool reception; he was nov lly embroiled in the British wareffor., In ugg le ia Lisbon to the United States. 1 was to be the hist of such trips; Lydia went with him as his nurse and guardian Ever since his fist heart time >t for her indefatigable husband, and many a 4 sr an pc ber sip et on of i aled vena spon tips othe United States imsoved the precarious robles fas r anc snd the oe fn af wats happenin the trie Brin wonton vel “Time, gentlemen,” said Lydia and Trad too often led to actual warfare. An Intemational Bank ‘nd an Intemational Monetary Fund were to be established hanging ques “1p MERESTES OF YORE MAYAKD KEYNES 285 guardians ofthe intrationl flow of money Fall dog ex og wore ach ton ought ent evesjone cb, ter woud be anew congestive ‘tp help ove a nation that found itself in monetary df veer geee tehe eee or ener caret Patcnccisce ete SSeS teas Prange ee ‘This evening, ted in a particularly recherche celebration. Today isthe sooth an ofthe Con ford between, Kings Colege Cambri, aid New College, Oxlord, and to comme cea. sal bangt in is Tom Korte a alig fntrd othe eet ar wel @ itedly as a joy, was at his most charming, He Seiko od anh isite allocution. .. . Tt was an interest- stg cumple of te curios complex nature of tse ‘eerdiny man, Sora in outlook in mates purely (Pasco ce se Nah coin hg wort ena pie ont Senin we meteorites veeepunnie Motegi torreon aoe ee See | enn menrras teas Cit ec Sn enw eet aarrartoe Smenaooes wn254. THE woRLDLY remosomuEns he was keping up steam af conespondens on tele the Ye Wale Bale, pootyrecing sad iba be Si of oune he bgt on cag he pl Folge Lina on ate volune of Spent and lie guy he variant he ed See feb ha the xlogue sent one on, sa fet ea He cg peers: he wat nov Lerd Ronee Peat Sia tse fd bagtin middie oe Meo aad [gh thar one of the bathe of he Kegs Ine oo cvned thee lads Thee vere nna ees Cepia abr tthe Sovbonne oon ‘eray. There waa pete he tat Gi the Nana! Cale" hnd al ee nea toa to Betas ha tobe nested sad yee ot ecg anlalesaa os ‘ted frm that tps aseporter me ins he toe tht Eaglnd ws owt bee Bea ejutsrepirwar mcnc "Nosh ce ari fs ol aoe He wt ko Se trad an elt prepare or a eupon a eag amide. One mming there vasa fof eoghing At de heed ns The serves were held in Westmiser Abbey. Hs thes, Jom Nelo Keynes aged nce act fs ‘ihr nc wd ose econ the lee ofa get ner, gon ut at sn ole Se fine lon we mtn te To chitary on Apel 2, "By his death he eats loa geat Englaneee OY a ewes nota angel bya mean, This ut sping ofthe gt ors wa ny imma beng thee tara ne wih al he us ant ales of ah ee He could win twenty-4vo pounds from fo countesics and date at rd nd cow igh eon dais foubiad vad ree eo all things, “Twill not be a party to debasing the currency ile could be extrondinanly kind to» slow-thinking stident economists, he sald, should be humble, lke dentists) ad {HK HERESIES OF JOHN MAYNARD KEYNES 285, cxinsly cutng to 4 beeen oF high fit he happene fo oan nut de, ir Hary man of tho Nato Prva Bak, once nibbed Keynes ‘wrong by ur that “we let matters take natural course” Keynes replied, "Ist more appropriate Sp smile or rage at these arless sentiments? Best of alk per- piece be epretar et ee aan a Pore Pe te a a Eeciesieiuatta ce rat Pe as el eh spelled out the qualifications for an economist: ‘Th a cf como dt 0 ge Sgr ta te Bia ke ee cl Sige oie day emcee setae ett Repel Sout pe hae ete eset a are combination of gi. He mnt be ubcnscen, Hera, sates piboper— sn {ome dare. Fe most derstand symbol nd speak in words ent contemplate tho para n forms of Te gener and touch sett and concrete in hese ig of hough Ho mur study the present in dn ight Otte ut re pps th re No pro fs ts or tos et eye iitteyrd He mst be pupeefl and dstorsed a SInllancous moot, of sof and lncorpsble a a fut vet omeimer amar the card pla Marll—as Keyes sy—only sprinted tat ea Viton tt ema be ced he ees {inthe ecnonis dep sd penton Keynes ‘Spr dite Bombay date 6 uobing med fled erin he sed pints of enon ota ‘Eich the rd yap focus byemunnct bln Stoll tg ee sede a ot so evhtonay an il ISdualy dapotsed w wah novo cre Ie waren