Keynesians think/believe that eventually their tinkering with the economy will be perfected.

“Reeves’s allocation of primacy to institutional reform recalls the analysis of economic backwardness by the great Harvard economic historian Alexander Gerschenkron. Gerschenkron argued that economic success derives from the development of new institutions that channel funds into the large-scale investment that is necessary not just to catch up but to surpass successful competitors.

In the Mais lecture, Reeves set out the rationale for “a new model of economic management”. She recognises that the dire state of Britain’s economy is of sufficient urgency as to motivate the “decade of national renewal, shaping the institutional architecture of the British economy in the direction of mission-led government”. Accordingly, she proposes new, focused institutions – a new British Infrastructure Council, a revived Industrial Strategy Council, a national wealth fund and Great British Energy.”