Lew Rockewell: Paul Krugman Admits Keynesian "Economics" Is About Empowering The StateSubmitted by emalvini on Sun, 08/18/2013 - 14:37
Lew Rockewell: Paul Krugman Admits Keynesian "Economics" Is About Empowering The State
William L. Anderson | 03:22 am EDT on August 18, 2013
In a recent screed posing as a blog post, Paul Krugman lets the cat out of the bag: the essence of Keynesian “economics” is giving the Political Classes more power. He writes:
…the hatred for Keynesian economics has less, I think, to do with the notion that unemployment isn’t a proper subject of policy than about the notion of shifting power over the economy’s destiny away from big business and toward elected officials. (emphasis mine)
In other words, an economy really should be the plaything of the Political Classes, as though they had the brilliance and expertise to make things any better. Furthermore, whenever libertarians speak of things like market processes, people like Krugman throw in the term “big business,” which supposedly means that the two are the same. So, either Krugman is ignorant about what we mean by markets, a price system, and entrepreneurship, or he is patently dishonest. Or both.