Keynesians think that you can take water from the deep end of the swimming, pump it into the shallow end of the swimming pool and somehow the water level of the swimming pool will rise.— Thomas Woods
Most Powerful Keynesianism quotations
Keynesians are to economics what witch doctors are to medicine.
Economics departments are dominated by Marxism, which is taken straight or on the rocks, in the form of Keynesianism.
It seems that neither the Keynesian nor the Marxian prognosis of the future of capitalism is being fulfilled and we are left without any particular theory as to what will happen next.
One nanny said, "Feed a cold"; she was a neo-Keynesian. Another nanny said, "Starve a cold"; she was a monetarist.
Even if the government spends itself into bankruptcy and the economy still does not recover, Keynesians can always say that it would have worked if only the government had spent more.
Gore Vidal, the American writer, once described the American economic system as 'free enterprise for the poor and socialism for the rich'. Macroeconomic policy on the global scale is a bit like that. It is Keynesianism for the rich countries and monetarism for the poor.
Henry Ford, in a sense, was the first Keynesian.
He paid his assembly workers high wages so they could afford to buy his cars.
There is one good thing about Marx: he was not a Keynesian.
In the '30s, the Keynesian stuff worked at least in the sense that you could print money without inflation because there was all this productivity growth happening. That's not going to work today.
At the time, my personal research objectives were to provide Keynesian economics with more rigorous foundations and to tighten and elaborate the logic of macroeconomic and monetary theory.
When you're facing the threat of recession, you need to have an expansionary monetary and fiscal policy. Pre-Keynesian, Hooverite views are dead everywhere except on 19th Street in Washington.
The unprecedented success of Keynesianism is due to the fact that it provides an apparent justification for the 'deficit spending' policies of contemporary governments. It is the pseudo-philosophy of those who can think of nothing else than to dissipate the capital accumulated by previous generations.
You could be disqualified for a job [at Harvard] if you were either smart or Jewish or Keynesian. So what chance did this smart, Jewish, Keynesian have?
For better or worse, US Keynesianism was so far ahead of where it started.
I am a cafeteria Keynesian. You know what a cafeteria catholic is?
I do not regard the Keynesian revolution as a great intellectual triumph.
On the contrary, it was a tragedy because it came so late. Hitler had already found out how to cure unemployment before Keynes had finished explaining why it occured.
The idea that full employment without property ownership will solve the world's problems is utter nonsense. The Keynesian concept that the function of capital is merely to amplify labor, not independently produce wealth is simply blindness.
No Keynesian has ever proposed a measure designed to make the individual more productive; for that would require institutional means for enabling him to acquire ownership of the nonhuman factor of production: capital.
But public works, economic protectionism, cheap money, "deficit-financed government spending," and "the animal spirits of the spendthrift in the service of boosting "consumption demand"... Doesn't Keynesianism simply appeal to the worst in human nature?
To condemn free-market capitalism because of anything going on today makes no sense. There is no evidence that capitalism exists today. We are deeply involved in an interventionist-planned economy that allows major benefits to accrue to the politically connected of both political parties. One may condemn the fraud and the current system, but it must be called by its proper names Keynesian inflationism, interventionism, and corporatism.
I'm happy to say I am a Harrison-Kreps-Keynesian.
Over the last decade, - economists seemed to share a broad consensus about economic policy, with the old splits between monetarists and Keynesians apparently being settled by events. But the Great Recession of the last two years has changed everything.
The essence of Keynesianism is its complete failure to conceive the role that saving and capital accumulation play in the improvement of economic conditions.
I would reject the distinction between a Keynesian moment and a behavioral moment.
World War II revealed two of the enduring features of the Keynesian Revolution.
One was the moral difference between spending for welfare and spending for war. During the Depression very modest outlays for the unemployed seemed socially debilitating, economically unsound. Now expenditures many times greater for weapons and soldiers were perfectly safe. It's a difference that still persists.
There are few genuine conservatives within the U.
S. political system, and it is a sign of the intellectual corruption of the age that the honorable term 'conservatism' can be appropriated to disguise the advocacy of a powerful, lawless, aggressive and violent state, a welfare state for the rich dedicated to a lunatic form of Keynesian economic intervention that enhances state and private power while mortgaging the country's future.
Popular as Keynesian fiscal policy may be, many economists are skeptical that it works. They argue that fine-tuning the economy is a virtually impossible task, and that fiscal-stimulus programs are usually too small, and arrive too late, to make a difference.