The "better course" would be to get the government out of the way. Let insolvent businesses liquidate, so that the resources can be reemployed to actually profitable uses.Keynes argues that government is a Good Thing.Now, tell me the truth: Do you really believe that Obama will deliberately CUT the power of his government?Why is it a surprise when government bureaucrats and politicians espouse Keynes? It's in their favor to do so.Free-market economics directly contradicts government power. I'm not surprised the governments do not support it.Because failed Keynesian ideas are popular in their workplace, academia, in the media, and in their social world. Wealth, fame, power and approval of one's friends and loved ones is far, far, easier to obtain if one espouses fashionable theories. The fact that these ideas are obviously wrong is less important.Why are nobel prize winning economists advocating keynesian fiscal stimulus now?Why is a Nobel Prize Winning former Vice President of the United States running around the world advocating the wrecking of the American economy right now?
They like Keynesian economics because it's a convenient way to please the masses by making promises that they will make things better by working on their behalf. It's economic and political snake oil to say "we'll make things better, if you accept our policy," the unfortunate alternative is to say that the only way out of your problem is to work your way out. There's no alternative to hard work ) : that why i'm a libertarian.
Isn't American economy based on free market? Doesn't American economy have capitalistic nature? Obama has been accused of being a socialist. The common man and woman don't give a damn what these terms mean. All they want are good-paying jobs (or just jobs, period), health services. They are not afraid to work once they get jobs.
ReplyDeleteWhether folks in the government and media believe in Keynesian economics or something else, the general populace don't give a sh**.