16 April 2016

The indispensable interventionists.

The common denominator [of Keynesianism] is economic statism. That is, the assumption that the state, including its central banking branch, is indispensable to economic progress and prosperity.

As the various denominations of the Keynesian economic church have it, capitalism is always veering toward the ditch of under-performance and recession when left to its own devices and natural tendencies; and, if neglected by the wise policy-makers of the central state too long, it lapses toward outright depression and collapse.

"The Keynesian House Of Denial." By David Stockman. Stockman's Corner, 4/16/16.

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