In Defense of Low Interest Rates

James K. Galbraith

Economics Policy Note Archive from Levy Economics Institute

Abstract: In recalling John Maynard Keynes's revolutionary theory of interest, reviewing the doctrines Keynes sought to overthrow, and analyzing the structural transformations of the US economy, James K. Galbraith maintains there is no alternative to a policy of low interest rates. However, such a policy cannot be effective, he argues, without a radical restructuring of the US economy as a whole.

Date: 2023-07
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