Welcome to Crash Course, a podcast about business, political, and social disruption and what we can learn from it.

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or wherever you get your podcasts. Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene always with Michael McKee.

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We are seven years on, Tom, from the economic crisis and still struggling to get past a 2%

annual growth rate in the U.S. and the world is even slower.

That is not, they are decidedly not following the advice of John Maynard Keynes.

Economic historian Robert Skadellsky is Kane's biographer and he is nice enough to join us now.

One can only imagine Lord Kane's saying, did you learn nothing?

You know, did anybody read my book?

Is anybody interested in the general theory, Lord Skidelski?

Because fiscal action is the one thing that has really been missing in this recovery.

Absolutely and in fact I think a reliance on monetary policy alone has been shown to be inadequate.

There was a little item, someone said earlier, that lowering rates doesn't necessarily produce an increase in output.

And that is exactly true because you can reduce the cost of borrowing

uh... but you still have to uh... have profit expectations

...