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Chapter XII

Tyler Cowen:

Marginal Revolution: Keynes's General Theory, chapter 12: This is the best chapter in the book and one of the most important economics essays of all time.  Read it here. Upon rereading it, I am overwhelmed by its insight and also its relevance to our current predicament.  I object to the final paragraph on the nationalization of investment but still this is a stellar performance.

I remember that the best advice I was ever given was in the mid-1980s: that I should spend my career as an economist "mathing up" chapter XII. I did not take it. Too hard.

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