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Nobody knows if Keynes was right - he advocated going into debt during recessions and then paying off the debt in periods of growth. The problem is the way lar
by tsotha 14y ago
Nobody knows if Keynes was right - he advocated going into debt during recessions and then paying off the debt in periods of growth. The problem is the way large groups of people vote governments take on debt during recessions... and then take on even more debt during periods of growth.
That is to say, while his prescription may have been sound economically (I doubt it, but let's say it is for the sake of argument), politically it's just an excuse to pile on ever larger debts.