You see the cause of slumps under capitalism is easy to discern and, as a result, what to do to avoid them is also straightforward. John Maynard Keynes sorted this out nearly 70 years ago – and without any reference to Marx or any other theorist of crises.
So says Philip Pilkington in a recent post on his blog (Keynes’ Theory of the Business Cycle as Measured Against the 2008 Recession). Pilkington is a research assistant at Kingston University and member of the Political Economy Research Group (PERG) at Kingston University, a UK centre of radical post-Keynesian economists, with its economics department now headed by the brilliant Steve Keen (see my post, http://thenextrecession.wordpress.com/2012/04/21/paul-krugman-steve-keen-and-the-mysticism-of-keynesian-economics/.) Pilkington blogs at http://fixingtheeconomists.wordpress.com/
Pilkington tells us that Keynes sorted all this out in Chapter 22 of the General Theory when he discussed the nature of the ‘business cycle’ and Pilkington concludes that of…
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