Tuesday, May 13, 2014

Keynesian Economics As Theft: Murray Rothbard Deconstructs The Tenured Aristocracy

Economist Murray Rothbard(page 65) explains Keynesian economics:
The increasing use of scientific jargon, especially in the social sciences, has permitted intellectuals to weave apologia for State rule which rival the ancient priestcraft in obscurantism. For example, a thief who presumed to justify his theft by saying that he was really helping his victims by his spending, thus giving retail trade a needed boost, would be hooted down without delay. But when this same theory is clothed in Keynesian mathematical equations and impressive references to the "multiplier effect," it carries far more conviction with a bamboozled public.
Here is Paul Krugman's job and philosophy in a few short sentences.