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What Keynes is saying is that during economic contractions, Make-work > nothing Which is a sentiment he does hold, but it misses his real, implicit message, w
by hx87 10y ago
What Keynes is saying is that during economic contractions,
Make-work > nothing
Which is a sentiment he does hold, but it misses his real, implicit message, which is
Productive government stimulus > handing out money > make-work > nothing
- shitgoose 10y agoSo something > nothing. But where is the irony? Borrow/confiscate money from non-struggling groups and hand out to struggling groups. Might work in some cases, but hardly a long term solution. Besides, how is current economical fragility Hayek's fault? Edit: re-read the original comment. Seems like the irony, or rather sarcasm is in Keynes's suggestion to organise note-digging as a form of free enterprise with tenders and competition for digging rights. (Sounds like Bitcoin by the way.) If that is the hidden message, it looks rather pointless.
- hx87 10y agoThe irony is that people look only at the first inequality and think that Keynes advocates for make-work, whereas if one looks at the implicit inequality, Keynes is actually advocating for productive stimulus, or failing that, handing out money without wasteful, feel-good conditions such as requiring people to break rocks (or dig for notes).