Chapter 12 of the General Theory

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Tyler Cowen recommended Chapter 12 of Keynes’ General Theory the other day and so I went and read it. It’s really almost staggeringly brilliant. If all “Keynes” means to you is “do a stimulus in a recession” you really have to read it—it’s a fantastic exposition of the important paradoxes lurking in the heart of capitalism. In normal times, they don’t matter. But when things go awry, they matter a great deal.