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Re: Keynes......He got it wrong!
Shock Horror! The daily mail says a leftish economist was wrong...
how is this news?
It's Economics vs Thermodynamics. Thermodynamics wins. -
Re: Keynes......He got it wrong!
Interesting article.
My take on Keynes is he seemed to be a brilliant economist but people tend to misunderstand him.
One of the funny things I discovered about accounting is the answer depends on the reason for the question. For instance, I was often asked "What does it cost to make a ...". There are several approaches to answering this as the answer is very different for making the first one (millions) to making the 10 millionth one and the question by itself cannot be answered.
I think the same applies to economics, Keynes was I think brilliant at identifying the critical forces at work in a given situation. That was his talent.
Incidentally, Hitler did apply these ideas brilliantly - borrow as much as you can for as long as you can, then repudiate the debt. It costs a heap to build a state of the art war machine and the US merchant banks did him proud.
You do need a strategy to either repay the debt or get out from under it. Repay, repudiate (sod off mate) or inflate. Are there any others?Comment
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