I know, I know… economics is boring, confusing, and makes you want to take a nap—that is precisely what most of today’s professional economists want you to think, and politicians too.
It enables them to control your life and your wealth with little opposition.
Here is another brilliant and brief essay to whet your appetite and open your eyes to the damnable damage done by the economic theory that currently rules the Western world, and is wreaking global havoc.
The plague of our time is Keynesian economics. It has destroyed the economics profession and enabled the political class to obtain powers never intended.
Keynesian economics provided the intellectual cover for the criminal class we politely call “government” to plunder its citizenry. In the beginning, clear-thinking, independent economists (not dependent on government largess) expressed objections to this “new economics.” There was little new in Keynes’ work and many errors that had been debunked decades before Keynes was even born. Bastiat’s parable of the “broken window” in 1850 is probably the best-known refutation, although similar arguments preceded Bastiat by a century or more.
In the 1930s leaders were desperate and willing to try anything. Keynes General Theory was published in 1936, during the middle of the greatest depression the world had ever experienced. Politicians, more so than economists, welcomed his ideas as a new approach.
The Austrian economists represented by Mises and Hayek saw the fallacies in this new approach immediately. Some of the Chicago School (Knight, Simons, Viner) did also. Ludwig von Mises, never one to mince words, described Keynesian economics in the following manner: “What he really did was to write an apology for the prevailing policies of governments.”
Please realize: every economic decision made by government is eminently a moral decision—bureaucrats and politicians use your money, not their own, when they make their wild and grandiose plans.
John Maynard Keynes was a debauched man who produced the perfect economics to match his personal, moral choices. Those choices meant he could have no children, and his economics were similarly focused on today, and the future be damned.
Keynesian economics is destroying our world and has enriched a criminal political and economic class that has no business running anything.