> My understanding is that it was widely discredited before the financial crisis, back when economists thought they actually understood economy and that economi

> My understanding is that it was widely discredited before the financial crisis, back when economists thought they actually understood economy and that economic crisis were a thing of the past. Keynsiansm thrown away for a reason. Just because we still dont know anything better is no reason to belive that keynsiansm is right. Thats like saying COBOL is the best language because we have figured out that Java is actually not that good. > Then reality happened, and it seems that US government spending has kept the economy going to the dogs. Not sure how you arrive at that. > . On the other hand, looking around in Europe, I don't manage to find a single country where austerity measures appear to have produced anything than deeper recession. Its kind of like saing look at these sinking ships fixing parts of the ship is really not working for them. I main sure you can not reduce goverment spending for some amount of time but not forever. Eventually people will not give you more money. Goverment spending is no solution in greece, anybody can see that, even keynsians, the only thing they want is to wait with buged cuts until the economy is stable but that is not always a option.