Reading Keynes

With all of the debate circulating about the economic crisis I've decided to become an economist. No, not really, but I admit that some of the intense conversations I've had with colleagues across the political spectrum have made me wish that I was more conversant in real economic theory, not the tired half truths that I find all of us spouting. I am no expert in economic theory, but I find myself wanting to pretend that I'm one quite often online. I've decided that instead of continuing to add to the pabulum of cliches and witty retorts about the inner workings of free market, the diabolical machinations of "socialists," and the ethics of taxing citizens to pay for Wall Street bailouts that I'd step back and do some more reading before proceeding with the conversation.

Enter John Maynard Keynes. As I've said, I'm not an economist, but I have read enough to know that Keynes figures as a seminal figure in 20th century. Much of the recent debate about the U.S. response to the economic crisis centers on the relative merits of Keynesian economics. Paul Krugman's recent article in the New York Times Magazine draws attention to the rift that, generally speaking, has divided economists in the central United States (Chicago, etc.) from their west and east coast colleagues (the Ivys, etc.) over Keynes's insight into the way that markets work and the role of governmental response to recessions. An economics professor at my university recommended a few books for me to read, but I decided (perhaps against my better judgment, as it were) to eschew some of the more recent laymen's introductions to economics for Keynes himself. Yesterday I picked up a copy of Keynes's The General Theory of Employment Interest and Money (1935). My goal is to work slowly through the book in order to get a better understanding of what Keynes himself is saying. Could be slow going indeed; I'm not conversant in all of the language of the economics guild, but I'm hoping that my wading through deep waters won't be for not. Perhaps my readers might have something to gain as well. More to come!