Nonsequitur: Are Keynesians Immoral?

April 30, 2012

Keynes thought so:

“We entirely repudiated a personal liability on us to obey general rules. We claimed the right to judge every individual case on its own merits, and the wisdom, experience and self-control to do so successfully. This was a very important part of our faith, violently and aggressively held. We repudiated entirely customary morals, conventions and traditional wisdoms. We were, that is to say, in the strict sense of the term immoralists. We recognized no moral obligation upon us, no inner sanction to conform or obey. Before heaven we claimed to be our own judge in our own case….Yet so far as I am concerned, it is too late to change. I remain, and always will remain, an immoralist.””

Two Memoirs, John Maynard Keynes (Published in 1949)

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