I’d say one of the best arguments is the years 2008-2010.
The Stimulus plan and todays unemployment rate isn’t good enough?
How about the Great Depression? It only got better after parts of the New Deal were thrown out.
Frederick Hayek and Thomas Sowell have done some of the best work arguing against Keynesian economic theory. I think William F. Buckley did some good debates with Galbraith in the 50’s or 60’s as well.
SnakeDoc
Just remember, you if you take out the “esi” and insert a “y” you are stuck with Kenyan...
I think...?
Use your own home finaces as an example and your wifes’ credit card.
The antitdote this young man should propose is everyone in the class read "The Road to Serfdom" by Fredrick A. Hayek and then compare Hayek/Freidman/Smith to Obama and Keynes in a true Harvard Style debate. 1/2 the class gets the commie the other half the good guy. Have it in the auditorium and broadcast it on their College Radio and/or local govt TV channel(s).
But the Prof doesn't have the cohones to let that happen. Chances are he has never created a thing, a job, met a payroll.
Point out that the Keynesian economics of FDR’s New Deal was a complete failure. After seven years unemployment remained over 10%. World War II interupted the Depression. Depression ended with the death of FDR and Republican tax cuts in 1946.
Rather than give you any specific arguments, I’ll direct you to the work of Adam Smith, David Ricardo, J.S. Mill, J.B. Say, Frederic Bastiat, Alfred Marshall, Arthur Pigou, Ludwig Von Misses, F.A. Hayek, Joseph Schumpeter, Murray Rothbard, Frank Knight, Milton Friedman, and Henry Hazlitt.
If the root problem is dangerously high levels of debt, you can’t fix it by going deeper into debt .
It’s like paying off Mastercard using your Visa and calling it “deficit neutral” !
Prov 22:7 The rich rules over the poor, And the borrower becomes the lender’s slave.
They think you can spend your way out of debt. ‘Nuff said.
The best argument is that governments will use Keynsian economics to justify doing what they always want to do, anyway, which is buy votes using other people’s money. They will borrow in good times and bad, all the while invoking the economic theories of Keynes. But they will never pay back what was borrowed.
The Iron Lady had the best argument:
""The problem with Socialism is that eventually you run out of other people's money..." ---Margaret Thatcher
Just ask “If pump priming with a trillion works, why not pump prime with a sextillion (the number of stars in the universe)?
“By a continuous process of inflation, governments can confiscate, secretly and unobserved, an important part of
the wealth of their citizens.
By this method, they not only confiscate, but they confiscate arbitrarily; and while the process impoverishes
many, it actually enriches some.
The process engages all of the hidden forces of economic law on the side of destruction, and does it in a manner
that not one man in a million can diagnose.”
-John Maynard Keynes Economic Consequences of the Peace, 1920-
John Maynard Keynes,
Homosexual and child molester.
http://bioleft.tripod.com/keynes.htm
