Keynsian economics is dead

Quote from jamis359:

How about the Flat Earth theory of geology? Austrian school is a fringe theory, it is not respected by serious economists, and is a honeypot that draws crackpots from all over.
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Absolute rubbish. What is so wrong with hard money, stable prices, private property and not price fixing the cost of money....

Hayek was genuis and an Austrian Economist and a Nobel Prize Winner...

Keynes just before he died said of Hayeks, Road to Serfdom...

"In my opinion it is a grand book ... Morally and philosophically I find myself in agreement with virtually the whole of it: and not only in agreement with it, but in deeply moved agreement."

perhaps his thinking had changed just before he died.
Anyway, there have been plenty of books that have takn apart and disproved Keynesian theory.
 
Quote from vedantatrader:


Keynes just before he died said of Hayeks, Road to Serfdom...
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history is filled with BS stories about the X guru 'changing his mind just before he died'
 
Many Austrian economists also happen to be anarcho-capitalists, which I believe ruins their credibility.

The state is a necessary evil needed in order to protect property. Without some type of consequence, people will lie, cheat, and steal to attain it. Perhaps that's not much different than what we have now. The only difference now is that nepotism and cronyism protect these people. In an anarcho-capitalism system, there is no government to protect these people.

A republic form of government is ideal. However, laws need to be enacted to prevent the state from getting too large. A completely different type of value system needs to be instilled in every human being.
 
We should credit Keynes where it's due though. He did introduce the variable of relative nominal wage. Which, for those of you who don't know, is where if the equilibrium wage goes down people will look at others relative to them and check their wage against their own. If the other person's wage doesn't go down they won't accept a wage cut.

Although, I don't agree completely with Keynes, he does have some good points.
 
Funny title. If anything Keynesian economics is alive! ALIVE I say! Moreso now than before the crisis.

It seems quite a few people here don't realize that Keynes was a foremost economist very well versed in classical economics. His General Theory for which he is now known was developed out of necessity because classical economics was not up to the task of combatting the Great Depression. Many of his followers took the idea he came up with and expanded it to cover more ground than he himself probably would have. It is unlikely Keynes would have thought of himself as what is now thought of as a Keynesian economist.
 
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