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Tuesday, 17 June 2014

A Doctrine As Old As It Is Bad

Lord Keynes and his disciples make the lack of the propensity to consume responsible for what: they deem unsatisfactory in economic conditions. What is needed, in their eyes, to make men more prosperous is not an increase in production, but an increase in spending. In order to make it possible for people to spend more, an "expansionist" policy is recommended. This doctrine is as old as it is bad.
Human Action, Luwig von Mises