My disagreements with Keynesâ€™s economic philosophy have never had anything to do with his sexual orientation. It is simply false to suggest, as I did, that his approach to economic policy was inspired by any aspect of his personal life.
Not for one moment did I mean to suggest that Keynesian economics as a body of thought was simply a function of Keynesâ€™ sexuality. But nor can it be trueâ€”as some of my critics apparently believeâ€”that his sexuality is totally irrelevant to our historical understanding of the man. My very first book dealt with the German hyperinflation of 1923, a historical calamity in which Keynes played a minor but important role. In that particular context, Keynesâ€™ sexual orientation did have historical significance. The strong attraction he felt for the German banker Carl Melchior undoubtedly played a part in shaping Keynesâ€™ views on the Treaty of Versailles and its aftermath.