Keynesian fail – manipulating “aggregate demand” does not equalibrate the supply and demand for inputs

A basic understanding of the price mechanism exposes the pseudo-science of Keynesian economics:

It was John Maynard Keynes .. who ultimately succeeded in rehabilitating a view long the preserve of cranks ..  He had attempted by a succession of new theories to justify the same, superficially persuasive, intuitive belief that had been held by many . . . → Read More: Keynesian fail – manipulating “aggregate demand” does not equalibrate the supply and demand for inputs

Housing bust stalls labor “recalculation”

Someone send an email to Arnold Kling about this.

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In some fields [science] has developed important theories which give us much insight into the general character of some phenomena, but will never produce predictions of particular events or a full explanation, simply because we can never know all of the particular facts which according to these theories we would have to know in order to arrive at such concrete conclusions. — F. A. Hayek

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