Thursday, June 24, 2010

Keynesian policies have brought Britain to the brink of ruin

Professor Kevin Dowd maps out the hole that Gordon Brown and the other Keynesians have put us in:
In 1930, Maynard Keynes wrote a splendid essay (”Economic Possibilities for our Grandchildren“) in which he looked forward 100 years hence. His musings did not age well: he anticipated that by then the economic problem – endless toil – would be resolved and we would be working 3 hour days to keep our hand in as it were, and he worried about the effects of so much leisure time and boredom on our mental health. This was the same genius who told us the government should spend its way out of recession and that in the long run we were all dead anyway.