Saturday, September 13, 2008

Keynes widely quoted than understood

Paul Krugman explains what Keynes really meant when he said "In the long run we are all dead."

Keynes's famous remark "In the long run we are all dead" is more widely quoted than understood. Here is how Krugman explains it: "What he meant was recessions may eventually cure themselves. But that's no more a reason to ignore policies that can end them quickly than the fact of eventual mortality is a reason to give up on living."

This one is from an interview done by Subramanian for IMF's Finance & Development magazine. Read the full interview here. Not a new interview but could be a refresher ( fend off 'hungoverness' on Saturday morning)...