A different kind of growth path is required, says Jeffrey Sachs
For more than 30 years, from the mid-1970s to 2008, Keynesian demand management was in intellectual eclipse. Yet it returned with the financial crisis to dominate the thinking of the Obama administration and much of the UK Labour party. It is time to reconsider the revival. The A-List provides timely, insightful comment on the topics that matter, from globally renowned leaders, policy makers and commentators. The rebound of Keynesianism, led in the US by Lawrence Summers, the former Treasury secretary, Paul Krugman, the economist-columnist, and the US Federal Reserve chairman Ben Bernanke, came with the belief that short-term fiscal and monetary expansion was needed to offset the collapse of the housing market.
artigo completo: Today’s challenges go beyond Keynes – FT.com.