I can resist anything, except temptation! (Oscar Wilde)

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June 2014

Keynesian myths

in status quo

“It is obvious that the Keynesians’ disgust with the Neoliberal policies of the government of big business is misplaced. At the heart of their frustration is the unrealistic perception that economic strategies and policies are largely intellectual products, and that policy making is primarily a matter of technical expertise and personal preferences: economists and/or policy makers who are far-sighted, good-hearted, or better equipped with “smart” ideas would opt for “good” or Keynesian-type capitalism; while those lacking such admirable qualities would foolishly or misguidedly or heartlessly choose “bad” or “Neoliberal capitalism”. As I have pointed out in an earlier critique of Keynesian economics, it is not a matter of “bad” vs. “good” policy; it is a matter of class policy. Keynesians are angry because they tend to be oblivious or shy away from the politics of class, that is, the politics of policy making. Instead, they seem to think that economic policy making results mainly from a battle of ideas and theories, and they are disappointed because they are losing that battle.”[1]


  1. Ismael Hossein-zadeh, “Solutions to the Global Economic Crisis: Keynesian Myths, Hopes and Illusions,” The Market Oracle, 06-Nov-2011. [Online]. Available: http://www.marketoracle.co.uk/Article31395.html. [Accessed: 23-Jun-2014]. 

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