Friday, November 02, 2012

Vulgar Keynesianism and Its Flaws

It's a disservice to Keynes to call today's proponents of a particular brand of economics as "Keynesian."  Basically, it's a synonym for un-thorough, wrong, silly, naive, etc.

The article below is wonderful.  Bottom line: natural disasters do not make us better off in terms of real wealth or quality of life or standard of living.  They may improve some random economic aggregate like spending, but this is not an improvement over where we were pre-disaster.  There is no silver-lining, in economic terms, of natural disasters.  If there were, perhaps we should just run around destroying everything we can in order to rebuild it. If you think that's a good idea, then you might be a vulgar Keynesian.

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