Keynes Plus Growth

The “new economics” are clearly in. Congress, the federal bureaucracy, the commander in chief, the intellectual establishment, the fourth estate, indeed all who matter are now Keynesians. This is no minor accomplishment; compare the 25 years it took Congress to learn the new economics with the more than 100 years it took the Tennessee legislature to admit the existence of the new biology. That we are all neo-Keynesians, how it came to be, and that it is a good thing is well told by the former chairman of the Council of Economic Advisers.

Heller’s reminiscences make good history. How the education of, by, and for Presidents on matters economic progresses; how an adviser can go further than the President and how i...