Steve Forbes, arguing in the current issue of Forbes that Keynesianism is now coming under a final, and mortal, intellectual assault:
[G]overnment efforts to “temper” the “ups and downs” of business cycles will be regarded as preposterous and hubristic. We’ll no longer have the spectacle of a Larry Summers, President Obama’s outgoing Director of the White House National Economic Council and Assistant to the President for Economic Policy, overtly declaring the Keynesian axiom that if consumers don’t spend on a scale satisfactory to such economic commissars as himself then the government must seize their assets and spend them for them.
The government, seizing our assets to do our spending for us. Really, that’s as pointed and accurate a one-sentence description of Keynes as I’ve ever come across. Beautiful.
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