Keynes and Keynesianism: Part IV–“Lord Keynes and Say’s Law”–Mises

SEE the following for Parts I, II and III:

Keynes and Keynesianism: Part I–“Lord Keynes and Say’s Law”–Mises

 

Keynes and Keynesianism: Part II–“Lord Keynes and Say’s Law”–Mises

IV

The unprecedented success of Keynesianism is due to the fact that
it provides an apparent justification for the “deficit spending” policies of
contemporary governments. It is the pseudo-philosophy of those who can
think of nothing else than to dissipate the capital accumulated by previous
generations.
Yet no effusions of authors however brilliant and sophisticated can
alter the perennial economic laws. They are and work and take care of
themselves. Notwithstanding all the passionate fulminations of the
spokesmen of governments, the inevitable consequences of infl ationism
and expansionism as depicted by the “orthodox” economists are coming
to pass. And then, very late indeed, even simple people will discover that
Keynes did not teach us how to perform the “miracle … of turning a stone
into bread,” 4
but the not at all miraculous procedure of eating the seed
corn. ◗

The Mises Reader–Unabridged, pp. 345-346, Shawn Ritenour, Editor

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