Successful technocratic liberalism would depend on control over the quality as well as quantity of human beings.Ultimately, in his essay “Economic Possibilities for Our Grandchildren,” Keynes predicted that effective eugenic management would bring about capitalism's end.
Successful technocratic liberalism would depend on control over the quality as well as quantity of human beings.
For Keynes, this conflict was morally laden: Mendelism incorporated the only ethical theory of uncertainty, while biometry rested on false and dangerous concepts.
This early study of heredity shaped Keynes's visions of industrial democracy after 1918.
So dominant was this view that only in 1959 did the first book-length refutation of the ideas of John Maynard Keynes appear: Henry Hazlitt’s , Keynes declared that gold was a “barbarous relic” and that governments should use their control over the money supply to maintain a stable domestic price level even if this required abandoning a stable foreign exchange rate between the British pound and the other currencies of the world..
Instead, the book was savaged by reviewers, including many of the most prominent economists in Great Britain and the United States.
No, Keynes insisted, because workers suffer from a “money illusion”—even if prices were falling and a cut in wages would make them no worse off in real buying-power terms, workers would refuse to accept less money.
Rather than demand that workers accept lower pay, Keynes favored raising the general level of prices so employers could make profits without cutting wages.This article shows how John Maynard Keynes's lifelong commitment to eugenics was deeply embedded in his political, economic, and philosophical work.At the turn of the century, eugenics seemed poised to grant industrial nations unprecedented control over their own future, but that potential depended on contested understandings of the biological mechanisms of inheritance.Public-works projects would “prime the pump.” This policy would continue until “full employment” was attained.But since, in Keynes’s view, businessmen were usually shortsighted and irrational in their fears about investment prospects, the private sector would always lag behind in creating jobs.Then enter the ‘name’ part of your Kindle email address below. Note you can select to send to either the @free.or @variations.‘@free.kindle.com’ emails are free but can only be sent to your device when it is connected to wi-fi.For his service as treasurer, see “Announcement of the Formation of the Society and the First Public Meeting,” in Cambridge University Eugenics Society: Papers Read, SA/EUG/E.23: Box AMS/MF/147, Wellcome Library (hereafter WL). For Keynes's attendance, see his date books, April 1911 through March 1914, JMK/67/PP/41, KCAC. To send content items to your Kindle, first ensure [email protected] added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account.The government would have to be constantly at the monetary and fiscal controls, injecting spending into the economy to prevent it from sinking back into unacceptable levels of unemployment.In Keynes’s conception of the world, governments guided by his ideas would be wise and farseeing, assuring that the mass unemployment of the 1930s never happened again.