John Maynard Keynes is the economist the world needs now

The global economy is still frail after the 2007 recession, despite governments' austerity policies that were intended to toughen everyone up.
 
The measures were supposed to free companies to invest in product development and job creation, but that didn't happen. To find a way forward out of the morass, Bloomberg Businessweek suggests it's time to heed the words of an economist who has been dead for more than 60 years.
 
The work of British economist John Maynard Keynes posited that when consumers don't spend, companies don't invest - so it becomes government's responsibility to put money in people's pockets through increased spending or lowered taxes. His Paradox of Thrift theory, developed during the Great Depression, is igniting renewed interest among economists and governments, according to Bloomberg Businessweek.

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