Spotlight on Keynesian Economics (Murray Rothbard)

Murray Rothbard on the most successful and pernicious hoax in the history of economic thought — Keynesianism:

Fifty years ago, an exuberant American people knew little and cared less about economics. They understood, however, the virtues of economic freedom, and this understanding was shared by the economists, who supplemented common sense with sharper tools of analysis.

At present, economics seems to be the number one American and world problem. The newspapers are filled with complex discussions of the budget, wages and prices, foreign loans, and production. Present-day economists greatly add to the confusion of the public. The eminent Professor X says that his plan is the only cure for world economic evils; the equally eminent Professor Y claims that this is nonsense — so whirls the merry-go-round.

However, one school of thought — the Keynesian — has succeeded in capturing the great majority of economists.

Read the rest