Friday, Oct 16, 2009

Neither am I !

Spiked Online: We’re all Keynesians now? I’m not

Recent government actions in response to the financial crisis – in particular the Bush and Obama stimulus packages in the US – have been widely viewed as a sign that Keynes’ brand of economics is back in fashion. Whatever their theoretical inclinations prior to the crash, a majority of economists – and especially those in the Obama administration – dropped any inhibitions they may have had about increasing state spending and debt substantially when confronted with what they thought was the prospect of another Great Depression. As Robert Lucas, a leading economist and critic of Keynes, puts it, ‘I guess everyone is a Keynesian in a foxhole’

Posted by c'mon correction @ 05:11 PM (730 views)
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4 Comments

1. crunchy said...

Dick Keynesian economics for America. Burp!!

Friday, October 16, 2009 07:18PM Report Comment
 

2. robh said...

Dick Emerian more like

I thought in this recession the government bailed out the banks so they could buy equities and then bankers could take profits (rather than a stimulation package where some people buy some things and others make some things)

Friday, October 16, 2009 07:34PM Report Comment
 

3. crunchy said...

Whilst the Goldman men are high fiving New York's homeless beneath them has risen to record numbers and retail sales are at levels last

seen ten years ago and are worsening. The hyperinflation boogieman awaits on the cold corner of 5th Avenue's costume shop, and as

always the devil is inventing work for idle hands.

Got on board a westbound seven forty seven
Didn't think before deciding what to do
Ooh, that talk of opportunities, TV breaks and movies
Rang true, sure rang true

Seems it never rains in southern California
Seems I've often heard that kind of talk before
It never rains in California, but girl don't they warn ya
It pours, man it pours

Out of work, I'm out of my head
Out of self respect, I'm out of bread
I'm underloved, I'm underfed, I wanna go home
It never rains in California, but girl don't they warn ya
It pours, man it pours

Will you tell the folks back home I nearly made it
Had offers but didn't know which one to take
Please don't tell 'em how you found me
Don't tell 'em how you found me
Gimme a break, give me a break

Friday, October 16, 2009 07:37PM Report Comment
 

4. icarus said...

Has anyone got a list of the items on the employment-creating public works programme that Keynesian fiscal deficits are supposed to fund?

Friday, October 16, 2009 08:49PM Report Comment
 

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