Stumbling Blocks to Spending Our Way to Prosperity

by Guest Author Edmund Phelps Editor’s note: These are Prof. Phelp’s opening remarks for the Keynes vs. Hayek debate produced by Reuters, 8 November 2011 at Columbia University.  James K. Galbraith led the Keynes team.  His opening remarks have been posted previously.  Pictured left is John Maynard Keynes; pictured right is Friedrich August Hayek. Keynes …