Keynesian economist Brad DeLong recently reprised the argument made by John Maynard Keynes back in 1931 that capitalism might be in a depression now, but if we take the long view, we can see that capitalism has been the most successful mode of production for people’s needs in human history; so don’t worry, it will be again.
Keynes made this argument in a lecture to his economics students at Cambridge, called The economic possibilities of our grandchildren. He argued that within a hundred years, average incomes would have increased eight-fold and everybody would be working a 15-hour week. So, he said, keep faith in capitalism and don’t go off adopting stupid Marxist ideas – as many were doing at the time.
Now Brad DeLong has become the Keynes of 2016, in the midst of the latest Long Depression. In his blog, he recognises that “economic growth since 2008 has…
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