Like the infographic on Marx, this one on Keynes and his thinking took a long time to get right:
How to expand this image
If you press CTRL or Command and Plus (+) on your keyboard, your browser should increase the size of your page every time you do this. Press CTRL or Command and the 0 (zero) key together to restore the screen to normal.
How to download this image.
If you right-click the image, you should be given the option to download it to your computer. So long as you do so without a view to making a profit, you may do so without further permission. Commercial use requires consent. But if you just want to share it, do so with whoever and wherever you want. That is the purpose of these infographics.
The image library
We have a library of these images. It is available here. All downloads are free, but donations help our work.
AI use.
I used AI, among other tools, when creating this post. I explain how I use that technology here.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
There are links to this blog's glossary in the above post that explain technical terms used in it. Follow them for more explanations.
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Buy me a coffee!
Ironically it was British and French Government spending that got the US Economy working again in the late 1930’s as they bought war material from the US.
I have tried to summarise Keynes to friends and know how difficult it is.
I give you an A on this.
Agreed. Excellent.
Thank you
I am now doing one on bonds, but based on past discussions and agreed texts, Clive.
It has been requested on Substack.
How would you define MMT in the context of Keynesianism ? Is it a way of describing how Keynesianism works when a government has control over its own currency or an extension to his theory ?
Essentially yes
Excellent and thank you. I’m finding all of these extremely useful as they are enabling me to focus on being clear and concise in my own explanations to others. I look forward to the one on bonds
In the morning, maybe
If you do not support the Job Guarantee, then you are just a pump priming Keynesian that will cause a wage price spiral and collapse just like in the 1970s.
In other words that approach has been tried and has already failed – leading to Monetarism and neoliberalism.
Mark Blyth calls this the ‘bug’ in Keynesian thinking. The Job Guarantee fixes the bug – and it is the only thing that will do – because it is automatic, instant and spatial in nature. It is an automatic stabiliser that stabilises the monetary circuit and the real circuit – leading to price stability and full employment.
Bill has been very clear about the centrality of the Job Guarantee
“The reality is that the JG is a central aspect of MMT because it is much more than a job creation program. It is an essential aspect of the MMT framework for full employment and price stability.”
There is no deliverable job guarantee, so you might as well claim you believe in fairies as write this.
Having discovered MMT by finding Bill Mitchell’s blog I was a JG fan until I discovered yours. I am not qualified to criticise Bill, but I think the fact that his background is purely academic while yours has more real world experience shows.
No one person has a monopoly on the truth (except Donald Trump of course, and then only between his own ears) and simply becoming a devout disciple of a single person’s view is not healthy.
David Byrne says
Very good Keynes infographic. It highlights the significance and importance of deficit spending. This needs wider circulation with the badge DEFICITS RULE OK.
I wanted to comment on the use of AI. TechBros are purchasing and destroying millions of books in order to feed analytic databases-think about the burning of books in Germany in the 30’s and the reason behind it.
I regard FtF as a “trusted source”, and that is key to readers. Going forward, I will buy less PPE books and value those pre-2022 tomes and their authors highly.
Keep up the good work. You are a trusted source.
Thank you
The problem with the infographic is the resolution is poor and a lot of text gets into a small font which is blurred. If i could download a text version it would be great. Thanks. T