published in Express Tribune Opinion Pages on March 16th, 2015 -- Keynes vs IMF
Responses published as:
http://tribune.com.pk/story/854707/both-are-right/
http://tribune.com.pk/story/855872/both-keynes-the-imf-cant-be-right/
http://tribune.com.pk/story/858348/home-grown-solutions-for-our-economic-woes/
Leading economists like Keynes and Fisher had forecast permanent prosperity, just prior to the Great Depression of 1929. The shock of the Great Depression led Keynes to create Keynesian Economics. According to conventional economic theory, increasing the quantity of money in circulation has only one effect: increasing the level of prices. That is, printing money is inflationary, and has no effects on the real economy. Many economists of the time noted that massive bank failures had led to substantial reduction in the money supply. They came to a realization that these events were related. Contrary the classical theory that money only effects prices, there was a possibility that shortfall in the money supply caused the massive unemployment of labor and contraction of GDP.
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