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January 30, 2009
"It's Never Really Been Tried"
In responding to a post here today, it struck me that the following is something I point out all the time in talks, but have never actually said here:
When asked for examples of where Keynesian stimulus in its purest form has been a success, the all-too-common Keynesian economists' answer is that "it's never really been tried". That is, of course, more or less the same answer you generally get when asking a similar question to supporters of Mellon-style liquidationist tactics, or even when asking something similar to advocates for communism.
In short, economics is a blinkered priesthood where everyone thinks the reason why their favored approach gets a bad rap is that it's never really been tried. Funny, that.
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