regent
Gold Member
- Jan 30, 2012
- 10,459
- 1,148
- 245
Keynes seems to be the only answer to a recession or depression at this time, unless you have another solution. Maybe trickle-something is the answer?Economics is similar to history. Economists cannot experiment as do the natural sciences, they can generally tell us what happened and why they think it might happen again if all the economic components are in the same proportions and the conditions are exactly the same. Still, by using those methods we may have just escaped another Great Depression by studying the possible causes of the last. Come to think of it we haven't had another Great Depression for some years now and is that because of economists? Was Keynes right?
Keynes was right as long as government spending and revenue remained balanced over the long run. Instead, we finance deficit spending with long term debt that we will never be able to repay.
Keynes wasn't right about anything. He became popular with politicians and other sorts of ticks on the ass of society because he gave politicians an excuse to go on a spending binge.