"The Perplexing Durability of Keynesian Economics"

Dan Mitchell:

In other words, Keynesian economics is like a magical weight-loss pill. Some people simply want to believe it works.

Which is understandably more attractive than the gloomy notion the economy has to go through a painful adjustment process.


That’s how its sold to low-information voters — but that’s merely the sales technique. Why does Keynesianism maintain its hold on people who should know better?

The mystery goes away if you stop thinking of Keynesianism as a political solution to an economic crisis, and start to think of it as a license to steal. It’s great fun spending other people’s money. But thieving with moral sanction and gaining political power?



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