Liberals often refer to the opinion of John Maynard Keynes, to accommodate the idea of economic pump-priming. But he, himself, was not decisive in such methods of producing prosperity, as those who claim to be his followers.
Examples of the left’s misuse of Keynes’ theory:
Prosperity depends little on investment in industry, That did not produce jobs and income in the 1930s.
Lower interest rates did not help during the Great Depression of the 1930s. Lots of bank reserves and deposits didn’t help when the banks were afraid to make loans to industry.
Large public works also did not create meaningful jobs. And higher taxes were poisonous.
Yet, we continue to hear Keynesian suggestions. ( See the Earl J Weinreb NewsHole® comments.)
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