The Failure of Keynesianism | Zero Hedge - Galt's Gulch

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The Failure of Keynesianism | Zero Hedge

Posted by straightlinelogic 11 years, 11 months ago to Economics

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The author minces no words about self-evident economic truths and the "snake oil" of Keynesianism.

SOURCE URL: http://www.zerohedge.com/news/2014-03-16/failure-keynesianism

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Posted by overmanwarrior 11 years, 11 months ago

I will second all that. Keynesian economics is voodoo at best.

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  Posted by straightlinelogic 11 years, 11 months ago
  
  It is voodoo, but it is mainstream, while the idea behind supply side economics--let producers keep more of what they earn, was derided as "voodoo" economics.
  
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Posted by Lucky 11 years, 11 months ago

Yes. This may be of interest as well:

Keynesian Economics’ Dangerous Return

" There is not an economy anywhere whose long-term prospects can be said to have been improved as a result of the Keynesian policies that were applied in the aftermath of the GFC scuttles."
"The belief that public spending is good for growth is the largest fallacy associated with modern macroeconomic theory. Being unable to tell the difference between welfare and wealth creation is possibly Keynes’s most lasting legacy, a legacy which has been poisoning public policy since the 1930s."

http://quadrant.org.au/magazine/2014/03/...

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