Monday, March 03, 2014

Quote of the day 3rd March 2014

"Even if the government spends itself into bankruptcy and the economy still does not recover, the Keynesians can always say that it would have worked if only the government had spent more."

(Thomas Sowell)

For the avoidance of doubt, Sowell was not endorsing that course of action, and nor am I. Actually I suspect that in the majority of circumstances John Maynard Keynes would not support that kind of "Keynesianism" either, but some of his acolytes have not merely supported it but implemented it.

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