Liberals refer to the opinion of John Maynard Keynes as an economic pump-primer. But he was not decisive in the methods of producing prosperity, as those who claim to be his followers.
Some examples of the left’s misuse of Keynes theory:
a) That prosperity depends on investment in industry, That did not produce jobs and income in the 1930s.
b) That lower interest rates help as the Great Depression showed in the 1930s. They did not.
c) That lots of bank reserves and deposits don’t really help if the banks are afraid to make loans so industry can invest.
d) That large public works create meaningful jobs as Keynes followers claim. They did not.
Yet, we continue to hear from economists with Keynesian suggestions. ( See the Earl J Weinreb NewsHole® comments.)
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