Keynesian Economics

[ddmoit]

Here is an Austrian critique of Keynesian economics. As economic writing goes, this article is somewhat less painful and easier to understand than most...

http://www.lewrockwell.com/higgs/higgs109.html

Most of the people who purport to possess expertise about the economy rely on a common set of presuppositions and modes of thinking. I call this pseudo-intellectual mishmash vulgar Keynesianism. It's the same claptrap that has passed for economic wisdom in this country for more than fifty years and seems to have originated in the first edition of Paul Samuelson's Economics (1948), the best-selling economics textbook of all time and the one from which a plurality of several generations of college students acquired whatever they knew about economic analysis. Long ago, this view seeped into educated discourse and writing in the news media and in politics and established itself as an orthodoxy.

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[sandbagger]

It's the same claptrap that has passed for economic wisdom in this country for more than fifty years ... 50 years?? When was this thing written?

[cx]

If you're talkin' about Keynes major economic work, Art, I think it's a little older than 50 years. A little before my time, so 70 years ago, maybe? But it's been a mainstay of American economics teaching for at least the fifty years cited. And it's no more useful today than it was when the New Deal was based mostly on its "principles."

My opinion; worth price charged.