Kensian economic theory should be thrown on the ass-heap of history. Another failed theory. Perhaps, all references to Kensian theory should be expunged, except to indicate that it is an abject failure.
Prophetic words. Count on it.
A return to Keynes?? Hell we are way way beyond Keynes to a fellow named Marx, and not Groucho!
But it isn't an intellectual triumph but a political one, which rides on the back (careful! </off Church Lady>) of Barack Obama's successes at imposing unconstitutional appointments and new laws, and his iron partnership with the State-Run Media which allows him to dominate political discourse like Alexander once did Persia.
Ms. Yellen asks: "Do policy-makers have the knowledge and ability to improve macroeconomic outcomes rather than making matters worse?" And she answers: "Yes."
This is called hubris. My question is, what is it going to cost us to find out that a) it's untrue and that b) liberals and Keynesians have a lot of swollen heads?
What she is talking about is wealth redistribution as routine intervention.
I’d filibuster her.
Anyone who supports Free Trade has been practicing Keynesian Economics....Keynes was the Father of the current Free Trade system unleashed by him and FDR at Bretton Woods
And...Friedman is the one to thank when you look at your paystubs withholding tax taken....It was Friedman’s idea to take your income tax directly from your check
Oh Mr. Sowell you are so right.
but did we ever get that far away from Keynes in the first place?
I thought Keynes was just smoking something when he came up with his economic theory, but then when I studied philosophy I found out Keynes studied at the knee of G.E. Moore, a philosopher so bad that Wittgenstein reputedly said Moore was an example of how far you could get in philosophy without actually knowing anything. I have little doubt that Keynes learned his progressivism from Moore.
Moore was the master of the confusing argument and ethical relativism. His philosophy allowed his followers to justify anything. This is probably why Keynes could come up with such a crazy economic theory that others would sell as a means to cure the ills of the Great Depression, despite later economists showing it probably prolonged the Depression by seven years.
Sound familiar? Obamacare anyone?
Why the Obama Regime used Keynesian economics as the method to “stimulate” the economy is a serious question. It asks why such a method was used at all when it was known to be a failed system. The only conclusion we can make is that the Obama Regime used Keynesian economics to purposely create failure in America’s economy. Impeachment is in order here. We can only speculate for what purpose did they orchestrate that failure?
Bummer. For a moment there I thought it was about a Return to Kenya.
