I have been tracking the recent London riots with some interest. Having spent the first half of my life in London, keeping up with the comings and goings there seems like the right thing to do.
Particularly under circumstances such as these, when old haunts are seen being blitzed again, I take leisurely strolls down memory lane preferring my own sentimental journey to the path of degradation which has led to the present day blighting of Blighty.
A situation in which abundant unused reserves of all kinds of resources (including all intermediate products) exist may occasionally prevail in the depths of a depression. But it is certainly not a normal position on which a theory claiming general applicability could be based.
Yet it is some such world as this which is treated in Mr. Keynes’s General Theory of Employment, Interest and Money, which in recent years has created so much stir and confusion among economists and even the wider public. Although the technocrats, and other believers in the unbounded productive capacity of our economic system, do not yet appear to have realized it, what he has given us is really that economics of abundance for which they have been clamoring so long.
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