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May 27, 2012 8:00am by Kokila Patel

General Debate 27 May 2012

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General Debate

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Kimble

Keynes believed that benevolent planners messing around with economic aggregates could end the business cycles. Hayek said that individual decisions and imbalances between prices and demand, among other things, are what matter.

At some point you have to accept one or the other.

Individuals exist. Aggregates don’t.
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May 28, 2012 12:00am
Kimble

Keynes told a good story. One that people thought they understood, and that fed into their existing biases. Whether it was the conceit of the politician that they were manning the controls of the economy, or of the engineers who imagine they understand the machine by listening to the noise it makes when it refuels. Keynes made people think they were smart, and that the world was understandable, and that their efforts to increase their influence and power were actually in the best interests of everybody.

No surprise that Keynes’ story was instantly accepted by a large number of people.

Doesnt mean its right, or that it has worked.

Keynesianism survives because politicians love it, and the reality of the economy is that it is impossibly difficult to observe the results of their interference.
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May 28, 2012 12:11am

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