Keynesians are known for using obscure and jumbled jargon to explain their fallacious ideas. The hope being that, the more confusing the language, the greater the perceived scholarship. Good economics can and should be clearly logically explained.
The standard Keynesian line is that increases in consumer spending always are good for a nation's economy. Yet, there is much more to economic growth than simple spending.
The attempt by the mainstream economics profession to create economic literacy has turned into a movement to promote economic illiteracy.
The attempt by the mainstream economics profession to create economic literacy has turned into a movement to promote economic illiteracy.
Henry Hazlitt's The Failure of the New Economics remains the best criticism of J.M. Keynes's General Theory.
Henry Hazlitt's The Failure of the New Economics remains the best criticism of J.M. Keynes's General Theory.
Far from being an “automatic stabilizer” that mitigates recessions by engaging in “countercyclical” spending, the welfare state actually makes recessions longer and deeper. Time to acknowledge that fact and do away with it altogether.
While economists speak of GDP as a legitimate measure of the economy, a closer look tells us that it is biased toward consumer spending and fails to give a true measure of the value of capital.
Because Keynesian theory has triumphed in the economics world, people are subject to the worst kind of government intervention in the economy. Debunking Keynes is the first step toward economic sanity.
When an economy suffers a recession, some factors of production, such as labor, become unemployed. Keynesians believe that expanding credit and fiat money will bring back full employment. That's not how an economy works.
