Prompt Cast
The Vision of John Maynard Keynes: Prioritizing Art, Aesthetics, and Values in Economics
TLDR Economist John Maynard Keynes believed in organizing society in a way that prioritized art, aesthetics, and values, and saw power and resource distribution as more important to economic management than scarcity. His vision of fostering a society of art and ideas to combat war and violence is still relevant today.
Timestamped Summary
00:00
The guest, Zach Carter, discusses his book "The Price of Peace" which explores the life and impact of economist John Maynard Keynes, highlighting Keynes' philosophical approach to economics and his vision for creating a world that prioritized art, aesthetics, and values.
04:30
Keynes believed that the economic possibilities of the 20th century were broad and that society should be organized in a way that allows everyone to enjoy the same lifestyle as the elite, prioritizing the good life for all rather than focusing on debt and deficits.
08:38
Keynes was influenced by philosophers like Adam Smith and Isaac Newton, and saw himself as part of a tradition of intellectuals working on ideas about truth, ethics, morality, and the structure of society, although he never formalized his grand political theory and instead practiced it through his engagement with politics and his writings.
12:58
Keynes became recognized as an intellectual after World War Two and the rise of Keynesian economics in the United States, but during his life he was often ignored and his ideas were not widely accepted.
17:05
Keynes believed that if he could convert the economics profession, then the high intellectuals in the field would talk to people in power and ultimately implement his ideas, which he was successful in doing with the post-war generation in America.
21:58
Keynes believed that power and how resources are distributed is more important to economic management than scarcity, and while some of his specific views on power are controversial, his basic worldview about the economic problem facing society was essentially correct.
26:25
Keynes believed that uncertainty and the inability to predict the future were fundamental to rational decision-making, which he explored in his book "A Treatise on Probability," and while he lost the academic battle as a philosopher, he applied these ideas to economics and became the greatest economist in history.
30:40
Keynesian economics offers flexibility and a different approach to statecraft, focusing on art, ideas, and leisure as the ultimate problems facing humanity rather than scarcity, according to author and journalist Zach Carter.
35:29
Keynes and Hayek fundamentally disagree on the idea of scarcity, with Keynes developing policy tools that most economists after the war followed, while the Bloomsbury set, including Keynes, had an internationalist vision of art and communication that transcended barriers between different peoples.
39:48
Keynes supported his Bloomsbury friends financially, believing that the state should support the arts and that the welfare state enabled artists to take risks and be creative.
44:14
Keynes' vision of fostering a society of art and ideas to combat war and violence is still relevant today, although it requires ongoing cultivation and engagement rather than a single policy solution.
Categories:
History
Society & Culture
