The follies and fallacies of Keynesian economics

posted by
February 16, 2016
Future of Freedom Foundation
by Richard M Ebeling  
Posted in Commentary

"Keynes believed not only that the market economy could not keep itself on an even keel he also believed that it would be undesirable to allow the market to work. He once said that to have the market determine prices and wages to balance supply and demand was to submit society to a cruel and unjust 'economic juggernaut.' Instead, he wanted wages and prices to be politically fixed on the basis of 'what is 'fair' and 'reasonable' as between the [social] classes.'" (02/16/16)  

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