British Economist John Maynard Keynes on This Day in History

Listen to: Keynesianism Flattened

This Day in History: British economist, John Maynard Keynes died on this day in 1946. His Kenyesian economic theory can perhaps be summarized in 7 words: "governments should spend money they don't have." His greatest work was "The General Theory of Employment, Interest, and Money." Richard M. Ebeling wrote of this book: "Few books, in so short a time, have gained such wide influence and generated so destructive an impact on public policy. What Keynes succeeded in doing was to provide a rationale for what governments always like to do: spend money and pander to special interests...Keynes’s legacy has given us paper-money inflation, government deficit spending, and more political intervention throughout the market." The trillions of dollars in debt we now find ourselves in is the legacy of John Maynard Keynes, and at some point there has to be a reckoning. Keynes was not concerned with the future consequences of his policies, because, as he says: “In the long run we are all dead.”

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Where Keynesianism Goes Wrong