Economic Cycles

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Keynes Today

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“Keynesianism has conquered the hearts and minds of politicians and ordinary people alike because it provides a theoretical justification for irresponsible behaviour. Medical science has established that one or two glasses of wine per day are good for your long-term health, but no doctor would recommend a recovering alcoholic to follow this prescription. Unfortunately, Keynesian economists do exactly this. They tell politicians, who are addicted to spending our money, that government expenditures are good. And they tell consumers, who are affected by severe spending problems, that consuming is good, while saving is bad. In medicine, such behaviour would get you expelled from the medical profession; in economics, it gives you a job in Washington.” -Prof. Luigi Zingales

From this Economist Magazine debate on Keynesianism.

And of course I would be remiss if I didn’t at least mention the second Keynes vs. Hayek rap video. I think round two is even better than the first one.

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Written by jlongo12

May 5, 2011 at 11:12 am

Posted in economics

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