More Faith-Based Keynesianism

A Photo of Ben Bernanke with His Hands Clasped As If Praying—The Caption Reads "PLZ MAKE IT STOP"

Here is a typical defense of Keynesianism, this time from the Nation. The central assertion is: “Keynesianism…is not a perfect guide to economic reality, but it has proven a better one than any available alternatives…” Note the word proven. Apparently there is proof. But, if so, why doesn’t the writer offer some? Why does he just assert that Keynesian is proven but actually offers nothing more than a glancing reference to one IMF study which does not even seem to support his thesis?

Why is it that Keynesians just assume their case and almost never argue it? The reason is that there is in fact no case to be made, no proof, no logic, no convincing evidence. Keynesianism is faith-based, not evidence based, and name calling about ” discredited Depression era mantras” won’t cover this up forever.

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About Hunter Lewis

Hunter Lewis is co-founder of AgainstCronyCapitalism.org. He is co-founder and former CEO of global investment firm Cambridge Associates, LLC and author of 11 books on moral philosophy, psychology, and economics, including the widely acclaimed Are the Rich Necessary? (“Highly provocative and highly pleasurable.”—New York Times). He has contributed to the New York Times, the Times of London, the Washing­ton Post, and the Atlantic Monthly, as well as numerous websites such as Forbes.com, Fox.com, RealClearMarkets.com, and Townhall.com. His most recent books are Economics in Three Lessons & One Hundred Economic LawsCrony Capitalism in America: 2008–2012, and Where Keynes Went Wrong. He has served on boards and committees of fifteen leading not-for-profit organizations, including environmental, teaching, research, and cultural and global development organizations, as well as the World Bank.

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