Tuesday, January 22, 2013

Who Truly Has a "Faith-Based" Approach to the World?

From Don Boudreaux at George Mason University.  "It is high time that those of us who have a more-realistic and less-romantic understanding of the logic of politics start more forcefully to insist that if anyone in this battle over appropriate fiscal policy is unscientific or faith-based, it is the Keynesians – whose theory of the determinants and role of aggregate demand might or might not be valid, but whose theory of government behavior most certainly amounts to nothing more than praying to the state to behave only nonpolitically and only in accord with the scientific dictates of Keynesian theory.  Such a ‘theory’ of state behavior, of course, is no theory at all; it is merely a naive hope or a faith immune to reason and facts."

Cafe Hayek — where orders emerge

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