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Politics : View from the Center and Left

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To: Steve Lokness who wrote (172118)	9/16/2011 12:49:03 PM
From: Mary Cluney	Read Replies (1) of 542157

<<< for obvious reasons. Keynesian ideas might have applied to England 70 or 80 years ago - I'm convinced the idea really needs to be looked at now though for the reasons I pointed out. >>> Obviously there are things we know now they couldn't have known then. But that is Macro economics. It is a relatively new science. So far the majority of people who study economics are Keynesian to various extent. Until someone comes along with proof that major keynsian thesis is wrong and offers an alternative theory, Keynsian economics is the best theory we have. Based on philosophic differences, Milton Friedman and a few other rw economists can look at the same set of data and offer a different conclusion than the vast majority of people who study economics on a full time basis. But, remember it was Milton Friedman who coined the phrase "we are now all Keynesians". Based on policies George W Bush pursued, and what happened afterwards, the phrase "we are now all Keynsians" should be even more compelling.

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