Niall Ferguson, Harvard’s gay-bashing bloviating right-wing infotainment historian, has also revealed his profound scholarly ignorance.
Ferguson is ignorant because he doesn’t understand that Keynes’s quip, “In the long run we are all dead,” was a critique of the “classical” (including neoclassical) focus on the “long run,” in which all markets have adjusted and full employment is secured. That was and remains the excuse not to do anything to boost employment in the short run. It’s the reason Keynes argued that “The long run is a misleading guide to current affairs.”
Ferguson also displays his scholarly ignorance by failing to mention the fact that the childless, gay Keynes he mocked actually did write an essay about the long run, ironically titled (at least from the perspective of Niall Ferguson) “Economic Possibilities for our Grandchildren.”
Apparently, Ferguson did apologize for his gay-bashing comments. But he should also issue an apology for his profound ignorance of Keynes’s writings.