The Devil’s Dictionary of Economics
Search For: (keynesianism)
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| Keynesianism |
The belief (held by Paul Krugman) that all economic problems can be solved by printing more money is, in modern parlance, Keynesianism. However, Keynes himself, back in his 1936 to 1941 heyday, was more into calls for war and deficit spending, which he (naïvely) thought would be paid for after the war by tax increases. In reality, they were paid for through recourse to the printing press. Do calls for war and deficit spending remind you of anyone? That’s right, among the 2008 presidential candidates, John McCain is the only pure, 1930's-style Keynesian. See Free Lunch.
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