In my so-far-Quixotic tilting-at-windmills campaign to dispel notions that Keynesian deficit-stimulus spending can help our economy, I welcome allies. All the better when the potential ally is more knowledgeable than I am. Because truthfully, my own arguments against deficit-stimulus spending in the present situation is based on some rough ideas and a strong feeling.
As a person whose professional background involved navigation and naval architecture, I have great respect for mathematicians, scientists, and engineers. When I see economists scribble equations, it makes my skin crawl. I thought it was because this pseudo-scientific approach to economics was guilty of masquerading; as I’ve said, “Astrology imitating astronomy”.
And it just felt all wrong, writing equations to describe human behavior.
So imagine my delighted surprise when I found this article, where Mr. Knox provides a brilliant and insightful explanation of what’s really wrong with Keynesian manipulation by the government and central banks. If you are a Keynesian borrow-and-spender, this article will require extraordinary efforts to ignore. If you’re just an ordinary person who’s baffled by what’s going on with the US and world economy, please, do yourself a favor and give Mr. Knox’s article a read.
G’day all, and may God continue to bless America!