Ep. 114 What’s Wrong With Keynes, in a Nutshell

25 November 2017     |     Tom Woods     |     4

No Krugman column this week for us; instead we step back and look at the big picture: what exactly do Keynesians get wrong in their understanding of the economy?

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  • davegrille

    The best the state can do is remove state created artifacts.

  • https://www.facebook.com/david.rogers.hunt David_Rogers_Hunt

    Basically, Krugman will invent any rationalization that powerful people want sold to the willfully gullible masses. Why let a little thing like truth or integrity interfere in the maxim,… It is wishing that makes it so!! The rest of the smoke is just to give cover to the those who naively expect Krugman could actually be telling the truth.

  • batymahn

    My favorite example of Keynesian spending was on an old episode of TopGear. The government of Myanmar decided to build a brand new capital city. The 8-lane highways around the city were SO empty that the TopGear boys held impromptu races. Meanwhile the people of Myanmar are desperately poor.

  • DanielRCoats

    Fundamentally I think they always go wrong because their default assumption is that the market is full of negative externalities that must be overcome by the wise and learned experts. Their default worldview believes the market always fails.