A new play titled 'The Standard of Living' by James Graham explores the life of John Maynard Keynes, the 20th-century economist. The play delves into Keynes's cultural pursuits, including his love of art and his role in establishing the Arts Council.
Keynes, who studied mathematics at Cambridge and was part of the Bloomsbury Group, believed that economic growth should lead to more leisure time rather than just accumulating wealth. He once made a risky trip to France in 1918 to buy art for the National Gallery, successfully petitioning the chancellor for £20,000.
A central theme of the play is the intellectual conflict between Keynes and the Austrian economist Friedrich Hayek. While Hayek advocated for free markets and minimal state intervention, Keynes argued that governments needed to stimulate demand to prevent high unemployment, famously stating, “In the long run we are all dead.” His ideas, particularly from 'The General Theory of Employment, Interest and Money', influenced policymakers after the Second World War.
Keynes's ideas experienced a resurgence following the 2008 global financial crisis, as policymakers reportedly revisited his work in response to the economic downturn.