Comments on: Keynesianism in a Nutshell

By: João

João — Mon, 30 May 2011 14:09:25 +0000

DUSHYANT, you expect governments to be able to finance their own deficits and *not* abuse it? Who wins an election, a guy that blames the market for everything and promises a lot of government-sponsored goodies or a guy that says “We can’t afford all that, it’s impossible, let’s get real, people”?

By: DUSHYANT

DUSHYANT — Fri, 25 Feb 2011 06:32:57 +0000

there is no problem with the theory of Keynes but with the implementation and the nature of governance we have now.
If the deficit financing is resorted to without any consideration to future mortgage of such financing on incomes it hardle leaves any money for bad days

By: jj

jj — Sun, 15 Mar 2009 23:41:53 +0000

Matt, so when the economy is efficient and humming along the government should take capital out of the system…sounds like typical government inefficiency. Also, Bill, you must be a Democrat (I’m not Republican) since anyone who disagrees with your Socialist agenda should be in jail. Stalin would be proud of you!!!

By: John H.

John H. — Sun, 15 Mar 2009 23:04:31 +0000

As Al E. said, Hazlitt wrote a book on the writings of Keynes, meaning he most certainly did read the work of Keynes.

“It should be some kind of crime to attribute to a deceased author something derogatory that the author never uttered. Mr. Hazlitt should be in jail.”

Henry Hazlitt (November 28, 1894 – July 8, 1993) did no such thing. You, on the other hand, did.

I appreciate irony – I’ll send you some soap on a rope.

By: Al E.

Al E. — Thu, 12 Mar 2009 15:37:16 +0000

Hey, Bill, you might want to check out Hazlitt’s, _The_Failure_of_the_New_Economics. It’s a nearly line-by-line demolition of Keynes’ _General_Theory.

By: Dave

Dave — Thu, 12 Mar 2009 01:08:39 +0000

“Mr. Hazlitt should be in jail.”

I’m guessing Bill is another freedom-loving Democrat. ‘Dissent will not be tolerated.’

By: David S. McQueen

David S. McQueen — Wed, 11 Mar 2009 21:37:56 +0000

Bill, where do you think Hazlitt was wrong about Keynes? Keynes admitted he didn’t advocate continuous budget deficits, only in recessions/depressions. The result of budget deficits is inflation.

I think Hazlitt was correct about Keynes (unless you think Keynes’ math in “The General Theory” should have been addressed by Hazlitt).

By: Bill

Bill — Wed, 11 Mar 2009 20:42:59 +0000

It is fairly obvious that Mr. Hazlitt never read any of Keynes’s writings. His analysis is of the American Keynesians. After a meeting with them, Keynes remarked “I was the only non-Keynesian there.” It should be some kind of crime to attribute to a deceased author something derogatory that the author never uttered. Mr. Hazlitt should be in jail.
bye

By: Doug Barbieri

Doug Barbieri — Wed, 11 Mar 2009 15:32:38 +0000

Matt, Keynes is about a relevant as Marx was. The problem with that theory is that governments *won’t* run surpluses. They will continue to inflate and spend. Look at Zimbabwe today, for example.

And what Hazlit is saying is that you don’t *need* to engage is this central control anyway, The free market regulates itself and we wouldn’t have these massive booms and busts. The booms and busts are *engineered* by a central bank.

Keynes was wrong. And its about time the government face that fact.

By: Matt Silb

Matt Silb — Wed, 11 Mar 2009 15:01:38 +0000

Keynes did say how to finance thing: in good times the government should tax and run surpluses. That no government has the foresight and courage to do this does not mean Keynes was wrong. Keynes said that governments should act as a counter-weight. In good times the government takes in money and puts it away. This helps prevent the bubble. When the bubble does form and bursts the government spends to get things going again.