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Episode 20 – My Biggest Issues with Keynesian Economics
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I have many issues with Keynesian economics, but in this episode I discuss my biggest contentions:
- Keynesians don’t explain what causes the booms that lead to busts.
- Keynesians always complain that “not enough stimulus” was used (similar to how communists state that communism just wasn’t implemented correctly in the Soviet Union).
- Keynesians act as if government spending comes out of thin air.
- Keynesians focuses far too much on consumption and demand rather than savings and investment.
- Keynesians hide behind their models and insinuate that the lack of mathematical rigor in other strains of economics means that Keynesianism is superior.
I also discuss why Paul Krugman is a partisan hack and why we cannot trust a single word that he writes or speaks. His ultimate goal is a position in the Hillary Clinton administration, so he has not hesitated to compromise previous stances he has taken in order to sing her praises.
https://s3-us-west-2.amazonaws.com/mark-geise-show/Episode+20+-+My+Biggest+Issues+with+Keynesian+Economics.mp3Suggesting Reading/Referenced Articles:
Book: “The Politically Incorrect Guide to the Great Depression and the New Deal” by Robert Murphy
Book: “How an Economy Grows and Why It Crashes” by Peter Schiff
Book: “America’s Great Depression” by Murray Rothbard (free, legal PDF download)
Podcast: “Ep. 57: Everything is Awesome, So Why Are Trump and Ryan Complaining, Wonders Krugman” – ContraKrugman
Video: “Keynesian Predictions vs. American History | Thomas E. Woods, Jr.” – YouTube
“Why Hillary Wins” by Paul Krugman – New York Times
“Their Dark Fantasies” by Paul Krugman – New York Times
“Austrian Economics vs. Keynesian Economics in One Simple Chart” – Ludwig von Mises Institute
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