Keynesian vs. Austrian Debate on Deficits
Recently there are a lot of debates between the Keynesian and Austrian economists on the skyrocketing government deficit. My opinion is this: In general, government spending is wasteful. To expect governments to efficiently allocate capital is a larger mistake than to believe in Bernie Madoff. Keynesian policies only makes sense if consistently followed. The true Keynesian policy maker would save money during good times and spend money during bad times. The intention of such policy is to smooth out the […]
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