IN MEMORIAM, TONY THIRLWALL (21 APRIL 1941-8 NOVEMBER 2023)
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Abstract
The economist Tony Thirlwall, who has died aged 82, was, in his own words, an “unreconstructed Keynesian”. He saw this not as a pejorative title, but more as an accolade, considering that many of the insights of John Maynard Keynes, and in particular the importance of demand, are still relevant for understanding today’s economy.
Tony is perhaps best known for his original way of thinking about economic growth. This challenged the supply-side orthodoxy, which often assumes a closed economy in which the growth of demand is missing and the structure of production does not matter. Thirlwall took the Keynesian approach that it is demand that drives growth, but, importantly, the balance of payments can be a major constraint on demand...
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