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When will the advocates of Keynesian macroeconomic nonsense be run out of the academy like the charlatans that they are?
I especially love the quote from Dr. DeLong "While Say’s law – the view that supply creates its own demand – is false in theory, it is true enough in practice that entrepreneurs and enterprises can and do depend on it."
What does that tell you about economic theory? It is utterly worthless. What works in real life in business is what people should study and emulate. After reading this article I can only ask how and why are my tax dollars, I live in California, paying for Dr. DeLong's salary, benefits and pension?
Keynesian macroeconomic policy has never ever worked in real life. I guess it works in theory if you've smoked enough joints and drank enough wine. It didn't work in the Great Depression. Robert Higgs, Harold L. Cole and Lee E. Ohanian have all shown what a disaster the New Deal was during the Great Depression.
Dr. DeLong completely ignores the historical alternative to Keynesian macroeconomic policy that did work in practice. The supply-side policy prescription of Dr. Robert Mundell that dramatically ended the 1981-83 recession. This is exquisitely document by Dr. Domitrovic in Econoclasts. Reagan's policies turned around a recession that was worse than the one Obama encountered, and the recession Reagan dealt with came at the end of 12 years of stagflation, 1969-1981.
Cutting marginal tax rates and raising interest rates to attract capital was and is the ticket!!!!!!
Government is not the solution it is the problem. The private sector needs the government to quick picking winners and losers. That's the ticket.
Enough, enough, enough of this Keynesian theoretical fantasy that has never, ever worked in the real world.
Reduce the size of government, eliminate crowding out caused by government, eliminate the dead weight of massive public union compensation and pension that threatens to destroy out economy, cut marginal tax rates, pursue sound dollar policies. That's the ticket.
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