Was Keynes Right After All

(Krugman, 2011)“The good news, such as it is, is that President Obama has finally gone back to fighting against premature austerity — and he seems to be winning the political battle. And one of these years we might actually end up taking Keynes’s advice, which is every bit as valid now as it was 75 years ago AFTER ALL.” The U.S., now the world's largest debtor, embraces the great British economist's 75-year-old argument (Skidelsky, 1996)Born in a total different world of ‘Capitalistic Individualism’ was John Maynard Keynes on the 05th of June 1883, to save the ‘Capitalistic Individualism’. Which if left unchecked would make a ‘authoritarian state system’. At age of 31, during the First World War Keynes played an important role in averting gold standard collapse in banking crisis. (Rowse, 1996) Undoubtedly he was a genius person and a devoted state servant. (Keynes, 1920) His best-selling book making him world famous for his prediction that levying Germany on the post war reparation cost would pave way for hyperinflation in Germany and bearing a negative consequence over Europe & foster a desire for revenge among Germans. Followed by this was the prediction of the slowdown in economic growth and reduction in real wages due to return to a pre-war exchange rate yielded him name and fame. In the era where people were deciding between communism and capitalism, it was Keynes who showed them a third way which over turned the world of economics. A genius person like others of his era, Keynes was full of ideas, often innovative and heterodox. Even to this day many people refuse to accept that analysis of Keynes was correct; on the other hand none have questioned that what topic he dealt with was at the heart of economic theory and policy. Yet where did he go wrong for people to debate “WAS HE RIGHT – AFTER ALL”. Do not forget one thing: “if Adam smith was the father of economics, J M Keynes was the rock star of economics”

Introduction
(Stewart, 1972) Between the two