Wynne Godley’s Centennial

Wynne Godley was born 100 years ago on this day (2nd September 1926) according to some of his obituaries. (Although, his biography by Alan Shipman does not mention the date, just the year)

Wynne Godley wanted to write about how the whole world works as a whole and in his quest he wrote the book Monetary Economics, published 2006.

According to Marc Lavoie: 

My view of Wynne’s theoretical work is that his work is a quest for the Holy Grail of Keynesianism.

He was worried about global imbalances long before anyone and mainstream economists are yet to realise that it is a problem, or play down the problem, with only a few raising alarms.

My favourite line of his is from his article The United States And Her Creditors: Can The Symbiosis Last?, where he proposes to change the international order:

A resolution of the strategic problems now facing the U.S. and world economies can probably be achieved only via an international agreement that would change the international pattern of aggregate demand, combined with a change in relative prices. Together, these measures would ensure that trade is generally balanced at full employment

Here is a beautiful picture of Wynne Godley with his wife Kitty Garman from 1955:

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Wynne Godley and Kitty Garman


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