Comment: Krugman, and other

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Krugman, and other

Krugman, and other contemporary Keynesians seems to have forgotten that an integral part of Keynes argument was that in the long run, we're all dead. Which Keynes, and those around him, now are.

The long run has arrived, and even Keynes himself seems to have realized that when that happened, his economic prescriptions were pure folly and gibberish, but that the thirties was such a "one off" event that disregarding economic laws for awhile was worth it.

For self important people, like leftist (and many right wing) intellectuals, the particular time they happen to live through is always "different", special, and of greater significance than any other time, before or after; and should be treated differently, with natural laws disregarded.

But anyway, whatever merit Keynes' theories might have had in the short run when starting from scratch in the thirties, surely are no have a priori validity after 8 decades of Keynesian policies have rendered the prevailing environment entirely different from what it was when they were introduced as a short term emergency fix.

In the long run Keynesian economics should be dead, too.