Reminder: the Smart Guys were wrong on the ‘stimulus.’
This Robert Samuelson piece on the inherent problem with Keynesian economic theory – which, in my opinion, can be summed up neatly as “First, assume that your planned economy will be managed forever by an immortal, unelected, and incorruptible Keynesian economist” – is pretty good, but it has one passage in it that makes my teeth ache. Here it is, in all of its questionable | Read More »
Paul Krugman channels his inner Reagan.
Is it cruel to point out that when Paul Krugman says that an alien invasion would save Keynesianism… …he’s pretty much cribbing off of Reagan’s observation that an alien invasion would unite humanity and war among us? Or is it just sad that Krugman comes across as profoundly intellectually stunted, in comparison? I mean, if we’re going to have an alien invasion serve a higher | Read More »
RIP: Neo-Keynesianism, 2007-2011.
If there has been one positive result from the recent knife fight in an alley that has been our debt ceiling debate, it’s come from watching the self-appointed Smartest People In The Room come to the belated realization that they’ve been out-maneuvered by a bunch of hobbits. No, don’t take it from me: listen to them. A representative sample is below. Paul Krugman: “The worst | Read More »
‘Fight of the Century.’
(Via Instapundit [and @Aaron_RS]) EconStories has another one of their extremely good Keynes v. Hayek videos up: My only issue with this series is that it’s fairly obvious that the creators are fundamentally on Hayek’s side… and while they do (I think) a credible job of being fair to Keynes it would be helpful for the economic debate if there was somebody who was ready | Read More »
We are all Keynesians now, if you define ‘all’ as ‘< 12%.’
But no doubt the administration just needs to explain the situation better to the American people. No doubt. While influential 20th Century economist John Maynard Keynes would say it’s best to increase deficit spending in tough economic times, only 11% of American adults agree and think the nation needs to increase its deficit spending at this time. A new Rasmussen Reports national telephone survey finds | Read More »