F A Hayek

Rehabilitating Keynes

The American right is fond of spitting the word keynesian as an epithet, just as those on the left hold Keynes up to be some sort of savior, rescuing the masses from the tyranny of the wealthy. Today’s economic policies that the left promotes and the right attempts to thwart rely heavily on the keynesian idea that when a nation’s economy is stalling, the government should increase spending even if that means going into debt.

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