Here we have Keynes, then: the twentieth century's most famous "economist." Out of false theories of employment, money, and interest, he has distilled a fantastically wrong theory of capitalism and of a socialist paradise erected out of paper money. Moreover, Keynes has offered no theory of stagnation at all (and with this, of course, no theory of how to get out of stagnation either). He has merely given a perfectly normal phenomenon, such as falling prices (caused by an increased demand for money or by an expanding productive economy), a bad name in calling it "stagnation," or "depression," or the result of a lack of effective demand, so as to find another excuse for his own inflationary schemes
http://www.mises.org/story/2492Classical [Misesian] Economic Theory vs Keynesian Economic Theory
