Keynesian economics is such a bad joke. And to think that the US government and its main regulatory arm, the Federal Reserve, has been mostly guided by this garbage for the last 60 years.
It’s sometimes difficult to make fun of Keynesian economics. But this isn’t because Keynesian theory is airtight.
The problem is that it’s hard to utilize satire when proponents of Keynesian theory say things that are more absurd than anything critics could possibly make up.
Paul Krugman, for example, stated a couple of years ago that it would be good for growth if everyone thought the world was going to be attacked by aliens because that would trigger massive military outlays.
He also asserted recently that a war would be very beneficial to the economy.
Equally bizarre, he really said that the terrorist attacks on the World Trade Center would “do some economic good” because…
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