10-01-2017, 07:33 PM
(10-01-2017, 07:09 PM)Belsnickel Wrote: I know a lot of people tend to think that Keynesian theory is behind this, but in truth it hasn't been applied the way intended. Deficit spending in bad times, surpluses in good. They've just continued to spend spend spend instead of cutting and taxing, which is the other half of the equation that has been ignored.
Bravo.
I agree 100%. That logic is indisputable and, arguably, fundamentally sound. I was just reacting to what "Keynesian" means now which - as you said - is something different and something I fundamentally reject. So when you say "we need to get Keynesian", I say "no", not what Keynesian means as applied mainstream politically today.
But what I read and hear now - "Keynesian" means deficit spending, and increased deficit spending. I reject that view, and most economists not named Krugman wholeheartedly reject that.
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