The Case Against Keynes

If you read one article today, I think this one is the one to read.

Many observers may see how this idea—that one can magically get back more than one puts in—conflicts with what I will call “regular economics.” What few know is that there is no meaningful theoretical or empirical support for the Keynesian position.

Robert Barro of Harvard excoriates Keynes. His column is similar to this one. Barro is interesting, because he alludes to the fact that he once was a Keynesian in his op-ed. I also find that with some liberal Democrats that convert to a libertarian bent, like Roger Simon of Pajamas Media. They understand what they are arguing against and provide very forceful and crushing arguments against it.

More classical economists need to speak up in strident tones. Generally economists don’t speak forcefully about Keynes vs Classical. Or, if they do it’s in private. Sorry Galbreath, Krugman and Stiglitz, that stuff doesn’t work, and never did.

Long live the Chicago Boys.

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