Currently viewing the tag: "Keynesianism"

“Who can print money, will print money” is how my friend Patrick Barron put it succinctly the other day. This adage is worth remembering particularly for those periods when central bankers occasionally take the foot off the gas, either because they genuinely believe they solved the problem, or because they want to make a show […]

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The idea that the charging of interest is unethical and should be banned has a long tradition in the history of human civilisation. It seems to have played a role at some point in all the major religions, certainly in Christianity, Judaism and Islam, and it is today promoted most strongly by advocates of Islamic […]

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I do not want to waste your time and my energy with shooting down misguided Keynesian schemes all the time, schemes that have been refuted long ago and should by now be instantly laughed out of town whenever put forward. But arch-Keynesian Richard Koo’s latest attempt in the commentary section of the Financial Times to […]

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Paul Krugman is the high priest of Keynesianism and modern interventionism, of economic improvement through inflation and budget deficits. As such he is bête noir among us libertarians and Austrian School economists. What makes him so annoying is his unquestioning, reflexive and almost childlike enthusiasm for state intervention, even in the face of its obvious […]

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Aggregate nonsense

On February 3, 2012 By

The economic policy debate is dominated by wishful thinking and fallacies of the most dangerous kind, propagated no less by the high and mighty in the policy bureaucracy and the alleged experts in the media. Here is my point, and every clear-thinking person already knows it: That economic growth, and thus recovery from the crisis, […]

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 Keynesian and other mainstream economists cannot explain the present crisis. That doesn’t seem to bother them. All they can offer is a description of symptoms, such as with their favourite phrase of lack of ‘aggregate demand’, which, if you think about it, doesn’t really explain anything. How come demand dropped? Why did it drop now […]

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