Tuesday, December 6, 2011
Peter Klein on the absurdity of Keynesian Economics
Peter Klein of the University of Missouri (who wrote his dissertation under Oliver Williamson, who, unlike Paul Krugman, is an actual economist who won the Nobel Prize) takes on Keynesian dogma. Enjoy.
Posted by William L. Anderson at 3:14 PM
Labels: Keynesian Economics, Keynesian Fallacies
Subscribe to: Post Comments (Atom)
It's a good talk. I was wondering what sort of riposte Wonderland would offer to Krugman's snark about Hayek the other day, when PK assured us that Hayek was not to be taken seriously and certainly not in the same class as PK's beloved Keynes. Krugman in general these days seems to be panicking a little as he watches debt-laden Euroland implode, and is frantically searching for explanations that don't indict his own prescription of central planning and limitless deficits. The latest is that Great Britain recovered from a 2x debt to GDP problem - after 1830. So how seriously should we take the current problem? That seems straightforward - all we need is another "stimulus" program on the order of the Industrial Revolution.
I always like Klein's speeches. You always get the impression that he truly loves and cares about what he does. Further, he's good at what he does.
Post a Comment