To borrow and slightly modify from Lee "[I like Keynesian economics,] and I get tired of defending it". Lee suggested he doesn't like Keynesian economics, and gets tired of defending it against others who don't like it, but don't understand what Lee considers to be the decent elements of the Keynesian framework. His thoughts on that are here.
He's addressing an earlier post by Russ Roberts, who I feel is one of the most frustrating to deal with on this issue. He proceeds as if all the dumb claims of what's been called "vulgar Keynesianism" are actually what Keynesians think. Consumption is better than investment. Saving is bad. The solution is always for the government to spend more. Governments know enough to plan economies. Heterogeneity doesn't matter. He doesn't skirt the edges of these things - this is Keynesianism for him. The result is, well, some bad analysis. His Keynes vs. Hayek rap is full of vulgar Keynesianism too, of course. If it were being shown to high school kids that never even heard of Keynes before, I guess it might be a useful educational tool. But in any college class it distorts more than it teaches.
I haven't read Russ's newest post yet, but he has a long one on his reflections on Keynes here. I probably won't read it. I already glossed over it and I'm not encouraged - "where does the money come from?" (as if there were some fixed quantity of money), "savings is bad" (as if he had never heard of liquidity preference that drives a wedge between savings and investment). I can't take time to read it now, but I welcome anyone's thoughts on Russ's post.
I have posts delving into my thoughts on some misconceptions of Keynes here, here, here, here, here, and here, and probably in a few other places as well.
Austrian Revival Photos
1 hour ago