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To: Rurudyne

Keynesians have never done that. Keynes weakly advocated that but the whole tenor of his economic philosophy was control of the economy by experts. So it was with Milton Friedman, too, but he thought it should be by smarter experts.


89 posted on 09/11/2021 2:59:07 PM PDT by arthurus ( covfefe nb)
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To: arthurus

That’s why I called them “Keystone Keynesians” … as in Keystone Cops.

Keystone Keynesians represent the fundamental failure of Keynes and why his ideas should be simply rejected. It all comes down to his not understanding human nature and what would inevitably be what people would learn from him … that is a ready excuse to spend. He utterly failed to see they would not learn to not-spend … there would never be counter cyclic spending but only more spending.

Even when Nixon infamously said that we were all Keynesians now, referring to his fellow idiots in career politics and not just most idiot Keynesian economists, I would say the teeny tiny window of time where Keynesians were replaced by Keystone Keynesians was already past, and it certainly was long past when Democrat House leaders, fearful that Reagan would even try to cut spending, changed their budgeting rules to “base line budgeting” that assumed across the board spending increases.

Of course even those would be better than the spending as a form of self-stimulation and virtue signaling loons that I previously described as engaged in economic masturbation, folks who would horrify the sex fiend in the novel Dr Sax.


108 posted on 09/11/2021 6:17:59 PM PDT by Rurudyne (Standup Philosopher)
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