Emeritus Prof Christopher MayJan 10, 2025

The hypocrisy of fiscal economics:

When there is a crisis in the real economy, we are told austerity is needed to restore confidence & encourage growth - the neo-classical economic solution.

When there is a crisis in the financial serves sectors we are told what is needed is liquidity & stimulus to restore confidence & encourage growth - a (narrow form of) Keynsian response.

So its not so much Keynes has been rejected, but rather its only applicable when the rich are in trouble!

#economics

Show threadAlex P Roe - OLD ACCOUNTJan 10, 2025
@ChrisMayLA6 That austerity is required so frequently appears to suggest that austerity doesn’t work! Well, it does seem to keep the rich rich and even make many even richer!
Show threadLin Viv
@alexproe You make a very good point, can you send me a private message?I have a little question for you.
Jan 11, 2025 at 3:00pmWeb