Wednesday, June 25, 2008

Keynesian Economics: Theft By Voting

Gary North explains Keynesian economics:
We are told by economists that there are no free lunches. But, except for Austrian economists, all economists really do believe in something for nothing. They debate with each other about which "something" can be obtained for nothing – "nothing" always being a piece of legislation.

Non-Austrian economists believe that a gun, when held by a salaried government official and pointed at a citizen to extract his wealth, can sometimes produce economic growth, whereas a gun held by a thief and pointed at a citizen to extract his wealth always produces economic loss. The first produces something for nothing, whereas the second produces nothing for something. What is the difference? This: the person holding the gun.
An article well worth your time.