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Keynes's record on matters of public spending and monetary policy is a shaky one (see broken window fallacy). Not only is any level of public debt a threat to l
by vegancap 11y ago
Keynes's record on matters of public spending and monetary policy is a shaky one (see broken window fallacy). Not only is any level of public debt a threat to long-term stability, it's immoral. Generally speaking it's not us, in the present economy, or the politicians who allow the debt to rise who have to pay it back. It's our children and grandchildren. Inter-generational debt just isn't right. New Statesman should have read some Hayek.
- stkni 11y agoNah, don't think so. Keynes might not have been right about everything but I think some of his ideas are the closest we've come to what could be described as a 'just' economy. Indeed if we're going down this road then the broken window fallacy contains a contradiction (and so must be false) because it assumes full employment to reach its conclusion. Something that, should it be true, would probably cause the problem we're trying to solve to disappear.