Edited by Steven Kates
Chapter 9: What’s wrong with Keynesian economists?
AbstractThe point that baffles me even more than the failures of Keynesian economic policies is the even greater failure of Keynesian economists’ common sense.Just how can highly reputed economists with their long pedigrees get everything so wrong?The evidence for Keynesian economic prescriptions in times of crisis harkens back to an old adage: “Whenever people make decisions when they are either panicked or drunk, the consequences are rarely attractive.” If you are as convinced as I am of the healing powers of free markets, then the ideal public policies should be: a) a low rate, broad-based flat tax; b) spending restraint; c) sound money; d) free trade; and e) minimal regulations.And, at no time are these healing powers of free markets more important than during periods of crisis.In times of crisis the motto should be “Don’t just stand there, undo something!” History and free markets have our back.
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