he was, as later economist john maynard keynes said, you can't be a good economist if you are only an economist. which he meant is if all you think about is cost and benefits, then you have this kind of sociopath at the center of your theory, you're not going to do economics very intelligently. adam smith set this pattern, but it was such a temptation to make it easier. oh, i don't want to read those books on philosophy. oh, i don't want to study history. oh, i don't want to know shakespeare. i want to make it easy. make it easy. now it has become as easy as it can be, and this is true of both marxist economics. when i was a kid i was a marxist. and i was so thrown by marxism, because all you needed to know was that the history of all hitherto existence societies is the history of class struggle. end of your education. and all you need to know in economics is cost, and modern economics, is cost and benefits. i think we need to get back to an educated economics. >> and you went from being a marxist to attending the freedom fest libertarian convention today. >> i certainly did. although

joining me now from here in london to discuss the way out of this crisis is the biographer of john maynard keynes lords cadell sky emeritus professor of political economy at work and diversity. thank you so much. and lords could ask you for coming on to the joe biden administration, kind of flip flops at the invasion was imminent. now it's any day boss. johnson's foreign secretary list, trusting russia denials about invading ukraine or false, or at least leverage has to prove it. am sure your take on this week's events. i was a bitter asked 1st. well i, i think that, you know, there stoking out the tension out there. i mean, in a way i, i think the west is at the moment and particularly, but it's a sort of, um, a for example where we have promised legislation which will produce heavy sanctions within 24 hours. if there's one soldier, the cross, the russian soldier, crosses the ukrainian frontier. i mean, that's a kind of, you know, wrapping up tension because i rush is always denied that she has any intention of invading the crane. and this is almost goading. i mean it's, it's, it's very disturbi

back and bought one of the show he spoke to lord skel, sky, old winning biographer of the late john maynard keynes, by the way, out of the crisis in ukraine. and joining me now from moscow is andre quarter of the director general of the russian international affairs council. thank you so much, director general for coming on. i better start with what morris johnson's foreign sex really is trusted in most go to the russian foreign minister of prove it, prove the negative that russia is not going to invade your grade. well, you know, all the time that she's not going to be made ukraine. i wonder how much time the foreign secretary needs to get convinced that oppression is not within the plan. so the kremlin, i recall that they keep talking about the asian already a couple of months. and i definitely didn't really wanted to wait and she would have done it in a very different fashion. and we would have probably seen a covert operation, a surprise operation like surprises and apparently, since there's no invention invasion of this stage show, she means something better there. ah, but so our media in nat

welcome back about one of the show he spoke to lord skel sky award winning by over the late john maynard keynes about a way out of the crisis in ukraine. and joining me now from moscow is under a quarter of the director general of the russian international affairs council. thank you so much, director general for coming on. i better start with what deborah johnson's foreign check really is trusted in moscow to the russian foreign minister to leverage prove it, prove the negative that russia is not going to invade you. great. well, you know all the time, i can prove that trash is not going to be made ukraine. i wonder how much time the foreign secretary needs to get convinced that aggression is not within the plan. so the kremlin, i recall that they, y'all keep talking about the russian asian lady a couple of months. i am definitely really wanted to be crane. she would have done it in a very different fashion. or we would have probably seen a covert operation, a surprise operation like surprises and apparently, since there is more involved, she invasion of this stage show. she means something bet

joining me now from here in london to discuss the way out of this crisis is the biographer of john maynard keynes lord's good elsie emeritus professor of political economy at work and adversity. thank you so much and looks good housekeeper coming on to the joe biden administration kind of flip flops at the invasion was imminent. now it's any day boss. johnson's foreign secretary list, trusting russia denials about invading ukraine or false, or at least leverage has to prove it's m sure your take on this week's events as was a better ask 1st. well, i, i think the, you know there stoking up the tension. i mean, in a way i think the west is, is the moment and particularly it's a sort of a for example, where we have promised legislation which will produce heavy sanctions within 24 hours. if there is one soldier, the process, russian soldier, crosses the cranium frontier. i mean, that's a kind of racking up tension. because a rough has always denied that it has any intention of invading the crane and this is omitted.

but the 1st thing that came to mind prices was, you know, john maynard keynes remarked that gold is a barbarous relic. well, if we're entering into a new age of barbarism, maybe that's just gold comes back at the same time. there's now new questions about about the repair. it was just 2 weeks ago. there's a market wide consensus, so we're going to see some rising rates, you know, but dramatically over the coming year as a way of curbing inflation. but now with such disturbances with war in europe and more turmoil, it really does make you wonder whether or not to fed has got to wherever tall or the willingness to, to go ahead into some to us a risk to us into a deep recession with rate increases and the speculation now on the street and said we're just collecting what you're going to do, what we did, some nations to the virus and just let the inflation rep and not pursue this kind of restrained monetary policy for fear that it would tanks, us economy so that changes everything completely. absolutely. and i have you all, and i want to hit that exact point with you because actually as we

john maynard king. a book i highly recommend. of course it's keynes'sheories that helped guide the world out of the great depression. he also got the economic policy we have seen during the current recovery. huge amounts of fiscal stimulus and federal spending. in fact, as quarter notes the federal government spent far more money over the course of the pandemic than it did in the response to 2000 a crash, and spent more than money on ordinary families. the results of all this hard tangible. the child tax credit expansion cutting child poverty in half. for workers the 467,000 jobs created in january, more than tripled than was expected, workers leaving their jobs for veterans that record levels, raising low wage workers pay even after factoring inflation into the mix. even bankruptcies dropped by 24% in 2021. that is all the way over to the right. that is the lowest point per personal bankruptcy in decades. that's a 25 year chart and it's never been lower on the chart. the question i have is why won't the left take credit for such an incredible accomplis