Will Truss Rehabilitate Keynes?
According to conventional economic thinking, incoming British Prime Minister Liz Truss’s economic experiment with borrowing and spending will produce disaster. But, given how mysterious stagflation is, Truss’s unorthodox response to it should not be dismissed out of hand.
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LONDON – The United Kingdom finally has a new prime minister, but will Liz Truss improve the dismal outlook for the British economy and political life? The conventional answer is no. As Shakespeare said, “when sorrows come, they come not single spies but in battalions.” That is certainly true of Britain today.