John Maynard Keynes.
Transcription of Annotations
Notes from front endpapers list the titles of the first two volumes of Skidelsy's biography of Keynes: 'Hopes betrayed', which covers the years 1883-1929 and was published in 1983, and 'The economist as savior', which covers the years from 1929-1937 and was published in 1992. They also refer to an earlier biography of Keynes by Roy Harrod, published in 1951. Brian Lamb's notes list the 4 elements of Keynes philosophy (p. 498): 1) Government must intervene to stop unemployment. 2) Societies could not stand persistent unemployment. 3) Investment opportunities would flag in rich societies. 4) Economic policy was bound to be run by politicians; he was deeply skeptical of statistics. Also mentioned is Friedrich Hayek, Keynes' most intransigent critic, whom Keynes told in 1944 that he was in "whole" agreement with 'Road to Serfdom'. Keynes economic theory is characterized as tailored to the "needs of the moment" (p. 497); also mentioned Keynes' technique of "boom control" (1937) and the breakdown of this theory which lead to the end of the Keynesian Golden Years, p. 504. Milton Friedman is mentioned as the inheritor of the Keynesian revolution, who then supported supply side economics. - Notes from half title page: "Americans' dislike of British imperialism led to a lot of isolation before WWII - JMK underestimated this. - FDR: "fathomless ambiguities", p. 92. - 1940: the British Empire - America was mesmerized by the size - didn't think they could run out to money. - What was our Neutrality Act? - p. 100: 'Lend-Lease': 29 Dec. 1940 announcement by FDR; 11 Jan. 1941 Bill to Congress." -- Annotations by Brian Lamb in the margins and underlining of pertinent phrases throughout the book.