SCOTS academic Niall Ferguson has apologised for "stupid and tactless" remarks he made about economist John Maynard Keynes, after suggesting his philosophy was flawed because he was gay and childless.

Ferguson, a darling of the right, was giving a speech at the 10th Annual Altegris Conference in Carlsbad, California, to an audience of 500 financial advisers and investors on Thursday, when he was asked about Keynes – who is often disliked by the right for his support of government intervention in the economy.

The Glasgow-born academic, who is the Laurence A Tisch professor of history at Harvard University, reportedly offended some members of the audience by describing Keynes as "effete", adding he was a homosexual and married to a ballerina, with whom he likely talked of "poetry" rather than procreated.

Yesterday, Ferguson said: "I apologise deeply and unreservedly for stupid and tactless remarks about Keynes that I made on Thursday."

The reports sparked a backlash, with the historian accused of insulting gay and childless people.

Tom Kostigen, editor at large of Private Wealth and Financial Advisor magazines who first reported the speech, said: "This takes gay-bashing to new heights. It even perversely pins the full weight of the financial crisis on the gay community and the barren."

Keynes advocated that governments should spend their way out of recessions with stimulus programmes.

However, Ferguson has consistently rejected this thesis.