Skip to comments.How Long Will It Take Keynes to Die? (Slams NYT)
Posted on 08/21/2011 7:48:05 PM PDT by MontaniSemperLiberi
Its been many years since Ive read The New York Times. Like most readers, I got discouraged by the shrinking page size, the self-confident erroneousness that becomes apparent whenever America's newspaper of record covers a topic Im familiar with, and the lack of a comics page. Sure there are occasions when you cant avoid itusually when enough people are complaining about an article or when somebody I know is in the paperbut on a daily basis I follow the golden rule that life is just too short for The New York Times.
So imagine my surprise the other day when, challenged by a third-world Internet connection and enticed by an old-school six-column page width, I picked up a $2.65 copy of the International Herald Tribune, which partially reprints The New York Times, only to discover that the paper a) no longer bundles that days edition of the Beirut Daily Star (my actual purpose in buying it), b) has jettisoned the last memory of its fabled Big Apple namesake by calling itself The Global Edition of The New York Times and c) features the kind of groupthink rarely seen outside a French parochial school.
While the rest of hyperconnected, interweb-powered planet Earth has now seen Keynesian economic intervention tested in real time and discredited beyond any intelligent doubt, the Times, I quickly learned, is a walled garden where the ideas of John Maynard Keynes remain not only viable but so evidently true as to require no factual support.
(Excerpt) Read more at reason.com ...
Not only is Obama going down in 2012 but the whole stinking philosophy of his sycophants.
it probably never will die because it’s part of the fdsr-liberal fascism developed
during the early part of the 20th c for the purpose of taking control of world economies.
According to Milton Freidman, Keynes himself warned against government intervention going too far.
Keynesianism will always work perfectly in Marxist Academia.
1. The money multiplier is above about 2,
2. The money was used to stimulate the private, productive sector of the economy.
Neither of these conditions were met. The multiplier was already below 1.0, and falling, and most of the stimulus was used to save the jobs of non-productive, public employees, instead of stimulating the private sector.
Nevertheless, it is clear that Keynesian stimulation is of limited value. The fact that the money multiplier has to be 2 or above makes it useless in situations where it would be most needed.
Don’t we wish their “stinking philosophy” would die once and for all. But a majority of the population still believes, and will always believe, in the fairy-tale promise of a beneficent and government, a “multiplier” that can create wealth by spending money, sticking it to “the rich” for perceived and a “just society” achieved by taking from some to give to others. This is a failure of our educational system from top to bottom.
You’re right I think. To give up on Keynes is to give up on the coercive side of progressivism leaving only the authoritative side. Without Keynesian government as a philosophy there is only Stalinism.
“The money multiplier is above about 2...”
Interesting. Do you have a quote from him on that? It is a wonderful slam of Krugmanism.
In the long run, he’s already dead.
As long as Keynes’ “theory” gives a pseudo-scientific fig leaf of justification to the elites for what they are going to use the power of govenment for anyway, he will never die.
I was hoping this piece by Tim Cavanaugh would give his insight into why Keynesian economics is a failed system. It did not. We need to educate more people why this discredited system is poison to any economy. My advice is for my fellow Freepers to go here:
At this rate the borough of Milton Keynes could be renamed Milton Friedman by the end of the year. To ignore that story is a serious dereliction by a publication that, with its tiny and nearly-square pages, has already failed in the most serious duty of any newspaper: providing material to make paper boats.
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