Zone1 John Maynard Keyes, The General Theory Of Employment, Interest And Money

[skews13]

The great theme of Keynesian economics is the “business cycle” of boom and bust. Before him, many economists thought that this was a law of Nature, and applied technical economics in support of the most wickedest of policies. Specifically, it was widely held that the only way out of a recession, depression, or panic was to allow the market to reach a Walrasian equilibrium, a Pareto optimum in which wages were driven down so low that even in those dire circumstances every worker would be employed. Note that Adam Smith’s greatest nightmare is a Pareto optimum.

Everything for ourselves, and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind.

John Maynard Keynes, The General Theory of Employment, Interest and Money

The great theme of Keynesian economics is the “business cycle” of boom and bust. Before him, many economists thought that this was a law of Nature, and applied technical economics in support of ...

www.dailykos.com

 

[Oddball]

 

[Bob Blaylock]

I am pleased to announce that through practical application of Keynesian theory, I have created a source of unlimited free energy.

 

[Oddball]