A great article by Peter Foster over at the Financial Post
Keynesianism has extended Âdownturn, despite recent praise
We are now approaching the fourth Christmas of the great debate between the benign supporters of Santa Keynes and the walnut-hearted acolytes of the Hayekian Grinch. Or at least thatâ€™s how Keynesians seem to see it.
Prominent statist fans of John Maynard Keynes such as Nobel laureates Paul Krugman and George Stiglitz, and Keynesâ€™ biographer Lord Robert Skidelsky, tend to be moralists who castigate their opponents as flinty-eyed masochists rather than level-headed students of immutable laws. Their indignant question is â€œWould you have us do nothing?â€ The response from supporters of Friedrich Hayek and his â€œAustrianâ€ free-market economics is: â€œYes, since what you are doing is making things worse. Moreover, itâ€™s your policies that cause crises in the first place.â€
Click through for the rest – well worth the read!