Murray Rothbard on John Maynard Keynes

[Fury]

The theory of Keynesiansim isn't necessarily flawed, it's the application of it during fiscal recession and massive budget deficits that has been wrongfully applied through massive central planning.  Something Keynes himself did not even hint at suggesting.

Some posters on this board attack the theory outright without really understanding it's premise or application, but then again, this wouldn't be Getbig if someone wasn't running around like with a loudspeaker and a doomsday sign strapped to their back.

That's all well and good but the fact that no one applies it correctly during fiscal recession indicates that it's a flawed system.

[Soul Crusher]

[Soul Crusher]

[Soul Crusher]

[Emmortal]

That's all well and good but the fact that no one applies it correctly during fiscal recession indicates that it's a flawed system.

Well one wouldn't say that a jackhammer is a flawed tool if one were to use it to extract a tooth, the application of its use is guilty of being flawed.

The real issue here is central planning gone wild.

[Soul Crusher]

Well one wouldn't say that a jackhammer is a flawed tool if one were to use it to extract a tooth, the application of its use is guilty of being flawed.

The real issue here is central planning gone wild.

And why is that?   The old phrase "power corrupts . . . . " comes to mind.   And when the promises of the central planners fall flat and never pan out - what is always the response?   Well we didnt spend enough, we need more control, etc etc etc.

[Soul Crusher]

[Soul Crusher]

[howardroark]

The theory of Keynesiansim isn't necessarily flawed, it's the application of it during fiscal recession and massive budget deficits that has been wrongfully applied through massive central planning.  Something Keynes himself did not even hint at suggesting.

Some posters on this board attack the theory outright without really understanding it's premise or application, but then again, this wouldn't be Getbig if someone wasn't running around like with a loudspeaker and a doomsday sign strapped to their back.

The thing is that Keynesianism is necessarily flawed. The very idea of "deficient demand" causing recessions is laughable and was destroyed as an economic theory in the 19th century - long before Keynes was around (see the debates between Say/Mill/Ricardo vs. Malthus). The entire basis of Keynesian economics rests on Keynes's supposed refutation of Say's law - but as it turns out, Keynes did not understand Say's law and the classical economists who did actually had far better insights behind what causes recessions than Keynes.

[howardroark]

BTW, 333, I highly suggest you read and in fact study Rothbard's "America's Great Depression." Available for free online at mises.org. He nails it when it comes to business cycle theory and the history surrounding the Great Depression.