That time Keynes had a point
John Mauldin is an economic and political commentator based in the United States. He has a reputation for accurately predicting ten of the last four recessions in the US. His particular interests include rising debt, income and wealth inequality angst, the growing US deficit and the lack of economic understanding among voters.
In this article, Mauldin comments on the influence of economists, accusing some, like Keynes before him of being ‘madmen in authority’. He is quick to point out that not all economists are in that category and that some provide valuable insights or are harmless. But others, he writes, can wreak havoc.
He compares the thoughts of venture capitalist Nick Hanauer, (described as a self-described Seattle “plutocrat”), Bill Gates and Jared Bernstein, one-time advisor to vice-president Joe Biden and economist Bruce Bartlett.
Even if you don’t agree with John Mauldin, the views in this article are interesting in their own right.