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Where Keynes Went Wrong: And Why World Governments Keep Creating Inflation, Bubbles, and Busts
by
Hunter Lewis
In responding to the financial crash of 2008, both the Bush Administration and the Obama Administration have relied on prescriptions developed by John Maynard Keynes, the most important economist since Marx. But should we be relying on Keynes? What did Keynes actually say? Did he make his case? Hunter Lewis concludes that he did not. If Keynes was wrong then so are the eco...more
Hardcover, 384 pages
Published
September 25th 2009
by Axios Press
(first published 2009)
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If you want to see a detailed teardown of Keynes' theories, or if you just want to learn about Keynesianism (a flawed economic theory that both Democrat and Republican politicians generally subscribe to, including the current and recent presidents) this is a good book. The book contains Keynes' General Theory and examines it section by section. It's solid, if not inspired. It also has a decent debunking of the idea that any government act helped end the Great Depression (in fact, government acts...more
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I don't know if I can really comment on the information in this book, but I hated the way the book was written so I stopped reading it.
The chapters where he "explains" what Keynes had said or believed were not really chapters in my mind, they were outlines. He would list a point and put a short blurb or quote there to "explain" Keynes. This went on for pages and pages. It came off as confusing and disjointed.
He seemed to do as little as he could to ...more
The chapters where he "explains" what Keynes had said or believed were not really chapters in my mind, they were outlines. He would list a point and put a short blurb or quote there to "explain" Keynes. This went on for pages and pages. It came off as confusing and disjointed.
He seemed to do as little as he could to ...more
Where did Keynes go wrong? Just about everywhere. Lewis smelts Keynes obtuse and often contradictory works to arrive at fundamental Keynsian nuggets. Not surprisingly they are generally base metals, composed of intuition, ego, and a contrarian desire to surprise.
So why do governments keep falling for it? Why were the Bush, and especially the Obama administrations fully stocked with Keynsians prescribing policies that are nearly the opposite of what is required for recovery?
...more
So why do governments keep falling for it? Why were the Bush, and especially the Obama administrations fully stocked with Keynsians prescribing policies that are nearly the opposite of what is required for recovery?
...more
The book itself wasn't amazing, but it was extremely enlightening. I would much rather read Hunter Lewis' critique of Keynes than try to wade through the endless fallacies and contradictions of Keynes' own work.
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So far a must read at all Universities!!
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