WEBVTT

NOTE How did Keynes answer his critics?

1
00:00:00.000 --> 00:00:11.000
Well, Lord Keynes said in his book when he was answering criticisms that in the long run his theories won't work.

2
00:00:11.000 --> 00:00:16.000
And one of his very famous statements was, well, who cares because in the long run we're all dead.

3
00:00:16.000 --> 00:00:24.000
Well, the problem is, of course, that right now Keynes is dead and we're still alive.

4
00:00:24.000 --> 00:00:27.000
In other words, we're living in the Keynesian long run and we're suffering from it.