The Keynesian Delusion

“people walking on spiral staircase” by Yoosun Won on Unsplash

In the 1930s a British economist by the name of John Maynard Keynes burst onto the frontlines of economic theory. Something of a revolutionary for his time, he diverged from his classical liberal predecessors (i.e. Hayek, Mises) that had previously dominated the scene. He approved of government interventionist policies and smiled favorably upon central bank monetary planning (something his Austrian counterparts would have surely frowned upon). It…