„The legacy of Keynesian economics“

the misdiagnosis of unemployment, the fear of saving, and the unjustified faith in government intervention — affected the fundamental ideas of policy makers for a generation and altered such basic institutions of our economy as the tax laws, the social insurance programs and the financial system. Changing these deeply ingrained aspects of economic life can happen only slowly. But the economics profession has undoubtedly begun to re-examine and re-evaluate the Keynesian notions that have been so dominant for the past 35 years. There is a return to older and more basic economic truths and an attempt to adapt these ideas to the changing conditions of technology and affluence. From this is emerging a new view of unemployment, of saving, and of the role of government.
"The Retreat from Keynesian Economics", The Public Interest (1981).

Martin Feldstein photo
Martin Feldstein
1939 - 2019

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Contexto: Keynesian economics was, in the context of those times, essentially conservative. The message was that capitalism was not doomed; its major failing, chronic large-scale unemployment, could be remedied fairly easily, by intelligent use of the fiscal and monetary instruments governments already had at their disposal. This message was not welcome news to Marxists committed to the view that the system was no longer structurally capable of prosperity and progress.

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Contexto: Keynesian economics is really just models and numbers and how things would work in a laboratory, not how things work in the real world. The beauty of Austrian economics is [that] it studies how things work in the real world. Economics is not a predictive science, okay? You can't say, "If we do this, this is what's gonna happen." It is a descriptive science; in other words, it describes what's going on. Austrian economics says the economy runs itself, and all that we're trying to do is understand how the economy really works.

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—  Stanley Fischer American economist 1943

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„Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Etiam egestas wisi a erat. Morbi imperdiet, mauris ac auctor dictum.“