ForewordKeynes the Investor

IN THIS TURBULENT ECONOMIC ENVIRONMENT OF OUR “POST-bubble” age, worldwide focus is on two substantially opposite government policies in dealing with the global slowdown. One is based on the free market concepts advocated by the Austrian economist Friedrich Hayek (1899–1992)—cutting government expenditures, reducing deficits and debt levels, and letting a nation’s economy respond with growth through unfettered markets for goods and services.

“Keynesian economics,” on the other hand, as advocated by the British economist John Maynard Keynes (1883–1946), calls for strong government intervention, with the goal of increasing aggregate economic demand by so-called “pump priming”—raising government expenditures and increasing ...

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