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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (873767)7/19/2015 3:21:43 PM
From: Taro1 Recommendation

Recommended By
i-node

   of 1575077
 
Keynes believed you could borrow for stimulus, but that the debt would be repaid.

Yes, borrowing in bad times and to be repaid in good high (tax) income times.
Great concept in theory.

What Keynes didn't factor in, however, was, that when 'the good times' come up and tax income flourish, then as opposed to paying back the debt, the politicians in power would rather spend that 'excess income' on new give-away projects to hang on to their power than paying back the debt.

One might say, that Mr. Keynes was rather naive, had no clue about human nature and in particular so, not about politician nature, which might not always be exactly the same as human nature but being rather even worse.

In theory, thus Keynes is great and thus prophet Krugman deserved the Nobel Prize for good intentions - but the whole scheme just - DOES NOT WORK!

/Taro
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