Monday, May 2, 2011

Economic Nonsense

Peter Boettke - "I have repeatedly argued that the economics of John Maynard Keynes was nonsense....The aggregate economics that became embedded in the mind-set of economists, intellectuals and policy-makers since WWII still derails our professional discourse let alone the very idea of scientific progress in the field."

Accurate Reality: The economics and education professionals have created an entire 4 or 5 generations that were taught the science of aggregate supply and demand and the general theory of monetary equilibrium. Unfortunately, this is usually the one thing they remember (ok maybe one of two things) from their college econ course and it is a wrong conceptualization. For those of you who have not explored the reality of these arguments and their impact on how we should think of regulation, budgets, economic development investment and many other topics key to our political instincts, it is a topic well worth exploring. One of the best places to do that is with the writings of Peter Boettke and Steve Horowitcz.

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