Keynesian Economics Debate
The cluster centers on debates about Keynesian economics, its role in post-2008 and 2020-21 stimulus policies, criticisms from the Austrian School, and comparisons to Hayek's views.
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Ah, the old Keynesian argument...
What was Keynes wrong about? (Keynes, not Keynsians)
most countries can't do basic Keynesian economics
What you describe is part of the Keynesian economics. There is a great deal of resources about the criticism of Keynesian economics especially from Austrian School. But i like the rap battle the most :) https://www.youtube.com/watch?v=d0nERTFo-Sk
It’s like some twisted form of Keynesianism
I've been lurking on HN for years, and I just created an account to thank you for this post.I always had this gut feeling that the Keynesianism in the aftermath of 2008 was a really bad idea but economics isn't my space and I don't care to argue with politicos about economics. This explains it really well.So... now what?
Keynes vs. Hayek in a nutshell.
That's pretty much the classic Keynes vs Hayek debate.https://www.youtube.com/watch?v=d0nERTFo-Sk
Can anybody explain to me like I'm five why this isn't just Keynesianism working as expected, as it did globally in 2008 (where the world didn't do enough of it in retrospect) and 2020-21 (where the world did a bit too much in retrospect)?
It's also worth separating the descriptive and prescriptive aspects of Keynesian economic theory. On the descriptive aspects, it seems to be doing fairly well so far. In particular, Keynesian models predicted that we wouldn't suffer significant inflation from the stimulus program + QE/QE2, due to a liquidity trap, whereas some monetarist models predicted that high inflation would result (and the Austrians were even predicting hyperinflation). Since high inflation hasn't materialized, that seems