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There is one good thing about Marx: he was not a Keynesian.

After choosing monetary union, further political union and workable governance in Europe was always going to be necessary.

Over the last decade, economists seemed to share a broad consensus about economic policy, with the old splits between monetarists and Keynesians apparently being settled by events. But the Great Recession of the last two years has changed everything.

Economics is extremely useful as a form of employment for economists.

Everyone is always in favour of general economy and particular expenditure.

Keynes was a very good economist. He was brilliant. He had wonderful insights. His work has inspired me many times.

The Keynesian idea is once again accepted that fiscal policy and deficit spending has a major role to play in guiding a market economy. I wish Friedman were still alive so he could witness how his extremism led to the defeat of his own ideas.

In the '30s, the Keynesian stuff worked at least in the sense that you could print money without inflation because there was all this productivity growth happening. That's not going to work today.

I am not a monetarist, and I am not a Keynesian. On certain points I agree with each.