Good discussion on where Keynesians went wrong

“Keynes thought that the richer people were the less they’d have to work, why did he get it wrong? He underestimated people’s insatiability, the richer they are the more they seem to want,” Robert Skidelsky, Emeritus professor of political economy at the University of Warwick. Here is a direct link.

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One Response to Good discussion on where Keynesians went wrong

  1. John says:

    From what I remember from my economics courses, Keynes said that government deficits during downturns should be funded by government surpluses amassed during the preceding boom years––not by ever-growing debt. In other words, Keynes’s basic prescription was: save for a rainy day.

    Most economists who call themselves “Keynesians” today, or are deemed to be so, are so in name only. In reality, they are no more Keynesian than candy canes. (No doubt, they’ll claim there’s an endless supply of those too.)

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