Thursday, January 10, 2013

Did you know that Keynesians think the government is exempt from prudent rules of finance?

Posted by dkuehn at 7:11 AM
Neither did I!

I understand that little pieces of nonsense like this will show up on his blog, but it's sad to see it in an obituary for Buchanan in a prominent newspaper.

2 comments:

  1. Bob MurphyJanuary 10, 2013 at 10:18 AM

    They certainly think that during a liquidity trap. Is burying money in a trash heap normally considered prudent financially?

    ReplyDelete
    Replies
    1. Daniel KuehnJanuary 10, 2013 at 10:20 AM

      If we are saying that Keynesians don't think governments, firms, and families face exactly the same prudent rules of finance, I would agree with that. But I think the claim is stronger than that.

      Delete

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