Skip to comments.John Maynard Keynes, the conservative
Posted on 12/30/2012 7:39:34 PM PST by neverdem
The economist was right about much, but his prescriptions have been misapplied
Conservatives speak disparagingly of "Keynesian economics." If he were alive today, I suspect John Maynard Keynes would be critical, too, of policies advocated in his name.
Lord Keynes (1883-1946) was the most celebrated economist of the 20th century, chiefly because in his "General Theory of Employment, Interest, and Money" (1936) he told politicians exactly what they wanted to hear.
Despite that, Keynes deserved his fame. He was a genius who made a fortune in the stock market (he made most of his picks while lying in bed in the morning, that day's edition of The Times in hand). He had a quick wit. He was fun at parties. And he had an important insight.
Keynes repudiated classical economic theory, say disciples such as Paul Krugman, Princeton economist and columnist for The New York Times.
Keynes didn't think so. The market system is "the best safeguard of the variety of life," preserving "the most secure and successful choices of former generations," he wrote in 1936.
Keynes had little regard for the Krugmans of his day. He visited the United States only once, for the Bretton Woods conference in 1944. When asked how things went, Keynes lamented: "I was the only non-Keynesian there." Keynes wrote his seminal work during the Great Depression. In times like those, when the "animal spirits" of the people are depressed, governments should "prime the pump" with tax cuts or spending to get the economy moving again.
Trying to balance the budget during economic downturns can make things worse, Keynes said. A deficit in these circumstances is good even if -- especially if -- it causes inflation. For unemployment to drop, real wages must fall. Labor unions that would never accept direct pay cuts could if...
(Excerpt) Read more at post-gazette.com ...
To be fair, Keynes didn’t invent a lot of Keynesianism. John Law tried the same thing 200 years earlier, but the system wasn’t in place to allow for such disastrous policies to be perpetuated indefinitely.
government spending does not get the economy moving
A PINGey for your thoughts.
This is an interesting column.
He was one of 3 major Fabians that were brought into our culture in the 20’s, or 30’s.
Sorry I just read about this, am watching a bad Football game.
I’ll get back to everyone on this!
I don’t think he’s get on too well with social conservatives.
His nick-name, “il pozzo” (the sewer), wasn’t earned lightly.
Keynes was a homosexual.
His theories made sense only if you didn’t care for future generations. And here we are.
“In the long run, we’re all dead.” JM Keynes
Guess what, John? The timer bell just went off and we’re in the long run.
Yup, and they’re succeeding. In all the wrong places. Japan, Europe, and North America.
Keynes was a well-known pederast and a “Fabian Socialist”. He was extremely evil. Socialism ALWAYS leads to totalitarianism, as Hayek would state.
“Chief of this ring of homosexual revolutionaries was John Maynard Keynes, who eventually became the economic architect of English socialism and gravedigger for the British Empire. The chief American Fabians, acting as carriers of the Keynesian sickness, were Felix Frankfurter and Walter Lippmann. Covertly, they mobilized their Leftist comrades to spread this pollution in America also. So successful were they that on January 4, 1971, President Nixon announced: I am now a Keynesian in economics. What does that mean?
Keynes was characterized by his male sweetheart, Lytton Strachey, as A liberal and a sodomite, an atheist and a statistician. His particular depravity was the sexual abuse of little boys.”
excerpt from: http://bioleft.tripod.com/keynes.htm
Sanity at last... than you!!!!!!!!!!!!!!!!!!!!!!!
Sanity at last... thank you!!!!!!!!!!!!!!!!!!!!!!!
Keynes was WRONG about how to fix the economy. He thought that making prices for consumer goods as high as possible would provide businesses with more profits which would in turn enable them to hire more workers. This fool like all liberals did not understand dynamic scoring. Liberals think that regardless of prices and taxes people will continue to purchase and spend as always - they do NOT. THIS is why the Depression lasted ten years - but hey Keynes was the “right” kind of person in the eyes of Roosevelt and his wife.
Lytton Strachey, his male bed partner, wrote that Keynes was A liberal and a sodomite, An atheist and a statistician. Keynes and his friends made numerous trips to the resorts surrounding the Mediterranean. At the resorts, little boys were sold by their families to bordellos which catered to homosexuals Either Franklin Roosevelt knew about this or he did not. If he did not that type of willful blindness explains why there were so many Communists in his Administration. If he did know then he decided the non-sense Keynes was spouting about how to fix an economy was more important than where it was coming from.
I really like this quote but I interpret it is a different way than he intended.
"The disruptive powers of excessive national fecundity may have played a greater part in bursting the bonds of convention than either the power of ideas or the errors of autocracy." - John Maynard Keynes
The words of a child-hater.
In 1870 Germany had a population of about 40,000,000. By 1892 this figure had risen to 50,000,000, and by June 30, 1914, to about 68,000,000. In the years immediately preceding the war the annual increase was about 850,000, of whom an insignificant proportion emigrated. This great increase was only rendered possible by a far-reaching transformation of the economic structure of the country. From being agricultural and mainly self-supporting, Germany transformed herself into a vast and complicated industrial machine, dependent for its working on the equipoise of many factors outside Germany as well as within. Only by operating this machine, continuously and at full blast, could she find occupation at home for her increasing population and the means of purchasing their subsistence from abroad. The German machine was like a top which to maintain its equilibrium must spin ever faster and faster.
In the Austro-Hungarian Empire, which grew from about 40,000,000 in 1890 to at least 50,000,000 at the outbreak of war, the same tendency was present in a less degree, the annual excess of births over deaths being about half a million, out of which, however, there was an annual emigration of some quarter of a million persons.
To understand the present situation, we must apprehend with vividness what an extraordinary center of population the development of the Germanic system had enabled Central Europe to become. Before the war the population of Germany and Austria-Hungary together not only substantially exceeded that of the United States, but was about equal to that of the whole of North America. In these numbers, situated within a compact territory, lay the military strength of the Central Powers. But these same numbersfor even the war has not appreciably diminished themif deprived of the means of life, remain a hardly less danger to European order.
European Russia increased her population in a degree even greater than Germanyfrom less than 100,000,000 in 1890 to about 150,000,000 at the outbreak of war; and in the year immediately preceding 1914 the excess of births over deaths in Russia as a whole was at the prodigious rate of two millions per annum. This inordinate growth in the population of Russia, which has not been widely noticed in England, has been nevertheless one of the most significant facts of recent years.
The great events of history are often due to secular changes in the growth of population and other fundamental economic causes, which, escaping by their gradual character the notice of contemporary observers, are attributed to the follies of statesmen or the fanaticism of atheists. Thus the extraordinary occurrences of the past two years in Russia, that vast upheaval of Society, which has overturned what seemed most stablereligion, the basis of property, the ownership of land, as well as forms of government and the hierarchy of classesmay owe more to the deep influences of expanding numbers than to Lenin or to Nicholas; and the disruptive powers of excessive national fecundity may have played a greater part in bursting the bonds of convention than either the power of ideas or the errors of autocracy.
Wikipedia: The Economic Consequences of the Peace - Gutenburg ebook
He was asserting that the rise of Communism may have been caused by the increase in population. Yet, Communism continues to rise in the face of a zero/shrinking population growth.
I like the quote because I want to overcome the evil ideas and the evil autocracy that wants to dominate our nation and the world. I think that one way forward is for true Christian Conservatives is to have lots of Christian Conservative children.
And, ye fathers, provoke not your children to wrath: but bring them up in the nurture and admonition of the Lord.
And he shall turn the heart of the fathers to the children, and the heart of the children to their fathers, lest I come and smite the earth with a curse.