Keynes's General Theory argues there is no self-regulating mechanism that guarantees full employment. Keynes's vision has been distorted by mainstream Keynesians to mean that it is the warts on the body of capitalism, not capitalism itself, that are the problem: frictions and imperfections and...

First paragraph: Stephen, our first question is plain and simple: How did you become an economist?

Keynes’s General Theory argues there is no self-regulating mechanism that guarantees full employment. Keynes’s vision has been distorted by mainstream Keynesians to mean that it is the warts on the body of capitalism, not capitalism itself, that are the problem: frictions and imperfections...

The principal aim of this essay is to restate John Maynard Keynes's (1936) view of the economy as tending towards an equilibrium which will in general fall short of full employment. The approach outlined here, in sharp contrast to what has become standard theory, does not depend on nominal...