📰 Source: mises | Mises Wire

✍️ Original author: William L. Anderson

One of the standard holy doctrines of modern macroeconomics is the claim that the only way to end a recession is to increase government spending. John Maynard Keynes formalized this doctrine in his infamous The General Theory of Employment, Interest, and Money and his disciples then spread the word in the halls of academe and government. Nobel Prize-winning economist Paul Krugman put an exclamation point on this idea as he claimed during a broadcast on August 14, 2011, that the best way to pull the economy to full employment in the waning days of the Great Recession was to “prepare for an

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