From what I can tell even Keynes wasn't what we would call a Keynesian today. He seemed to be more of a "whatever works" utilitarian sort of economist, and his suggestion of gov't "pump priming" deficit spending was a rather limited part of his economic philosophy. Naturally politicians interpret this as "Go ahead and spend your way into prosperity" because it's an easy sell to a gullible public.
From what I can tell even Keynes wasn't what we would call a Keynesian today. He seemed to be more of a "whatever works" utilitarian sort of economist, and his suggestion of gov't "pump priming" deficit spending was a rather limited part of his economic philosophy. Naturally politicians interpret this as "Go ahead and spend your way into prosperity" because it's an easy sell to a gullible public.
ReplyDeleteThe ironic thing is that these videos were essentially made by "Planet Money", an NPR program...
ReplyDeleteI liked the first one too...
Loved the video, fantastic! The Hayek refutation of the wartime "prosperity" myth was brilliant. Thanks for posting, Tam!
ReplyDeleteThe first one is here (Youtube)
ReplyDeleteGuess I was getting my hopes up when I saw "Keynes" kissing the mat. Should have known the fix was in...
ReplyDeleteWV: wines. A little early...
SO MUCH WIN
ReplyDeleteThanks for posting it. :)
Very Entertaning, Tam.
ReplyDeleteThanks!
Okay, I concede that this is the coolest thing I have seen all month. Maybe even the whole year.
ReplyDeleteThe war-time prosperity is a joke.
ReplyDelete1. The government was teetering on the edge of bankruptcy the entire war.
2. FDR finally did the right thing and died, Congress – even the Democrats - quickly cancelled the planned post-war New Deal 2.
3. We bombed the infrastructure and production capabilities of our major rivals into oblivion.
There is a big data point against Keynes. We call it "The Great Depression." Soon it may be called "The First Great Depression."
ReplyDeleteTHIS is how you teach the masses about Economics.
ReplyDeleteAntibubba
That was one of the greatest things I've ever seen.
ReplyDeleteWV: fumet - a stupid, brimless hat gasses wear.