A great quote from the Financial Times

FT.com / Comment / Opinion – Keynes and the triumph of hope over economics

“…we call for trillion dollar stimulus plans on the basis of little more than citing John Maynard Keynes – and politicians revere us. Citing Keynes gives us special licence to talk economics without using any. To paraphrase the lawyers’ dictum, when the facts are on our side, we pound the facts; when theory is on our side, we pound theory; and when neither the facts nor theory are on our side, we pound Keynes– and to great effect.”

Keynes did a lot of great work, but here it is over 70 years later and people are still arguing about what he really meant; and it is difficult to make a lot of what Keynes said internally consistent…

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