Replacing Keynes: A New “General” Model of the Economy
“How can I possibly put a new idea into your heads, if I do not first remove your delusions?” — Robert Heinlein
Keynesian economics has created much mischief in the world — a bias toward inflation and easy money, chronic deficit spending, an anti-saving mentality, progressive taxation, big government and the welfare state.
Market-friendly economists have chipped away at the Keynesian monolith but have failed to displace Keynes’s “General Theory” that revolutionized the economics profession after World War II.
How do you replace a bad idea? Offer a better idea!
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