Argument: Keynesian economic policies fail in the long term

Issue Report: Greece bailout


“Keynes’ Folly Hits Home in Greece”, Dan Amoss, February 2010 “The endgame of Keynesian policy is on display in Greece right now. The reputation of loose government spending as a serious policy will, by the end of 2010, be dealt some deserved blows. These policies ultimately lead to bankruptcy, not prosperity. When responding to a criticism of the long-run costs of his prescriptions, John Maynard Keynes, (the economist so revered by fans of big government) quipped, ‘In the long run, we are all dead.’ Well, he may be dead now, but plenty of people are still alive, and living with the consequences of his distorted view of reality. Production comes before consumption.”