In January, regarding the American Recovery and Reinvestment Act, President Obama stated that “there is no disagreement that we need action by our government, a recovery plan that will help jumpstart the economy.” Over 300 economists, 3 Nobel Laureates, and many other prominent scholars signed a statement in opposition to the plan.
Political disinformation only goes so far in the digital age.
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It’s sad because we (and all those economists) are really just fighting one man’s morally abhorrent ideals:
http://www.time.com/time/time100/scientist/profile/keynes.html
@Z. Anconia – Keynes did not “save” Capitalism by “keeping the Marxists at bay,” as suggested by the Time article in your comment. Rather, he prolonged its demise, giving additional fodder to the ignorant so that they may condemn freedom in all its vestiges. We live in trying times…
Yeah, Time magazine just feeds into the public’s misinformation. In fact, most macroeconomics textbooks feed into the misinformation. Did you know that the whole field of macroeconomics was laid by Keynes’s book, The General Theory of Employment, Interest, and Money?
We need to trash most macroeconomic textbooks. That is where it all begins — the source of the misinformation. I would like to see a textbook with real contributions to economics like those of Jean-Baptist Say (“Supply creates its own demand”), David Ricardo (Comparative Advantage), and Ludwig Von Mises (Human Action).
Is there such a textbook? One that is devoid of Keynes’s interventionist theories? If not, we should write one. It would certainly fill a unique market niche.
That’s an awesome point about macroeconomics. It really is collectivist trash, its entire purpose to justify central body decision-making. I’m not aware of any text consolidating the topics you mentioned, but there most certainly is a need!
If humans could get away from the mentality of planning other peoples’ lives, and worry about their own microeconomic condition, we would all be better off. It’s the do-gooders in the world who wreck the most havoc!