Posner on Keynes: Consumption, Consumption, Consumption

A great article in The New Republic on macroeconomic theory and John Maynard Keynes' "The General Theory" by Richard Posner, an appeals court judge for the seventh circuit and professor at University of Chicago. Keynes eloquently argued that economic growth is driven by consumption, that psychology and expectations play an important role in economic activity (consumer's tendency to hoard and the "animal spirits" that propel entrepreneurs to take risks), and that uncertainty is a fact of economic life that affects growth.

Clearly, Keynes work is still relevant- increasingly so during this deep recession.