A Keynesian Christmas Miracle: Stones into Bread

by Mario Rizzo

Some mainstream opponents of Austrian economics have complained over the years that Austrian economics is a “religion.” I have no doubt that in the hands of some it is so. I shall leave it to others to explore this. However, in this post I want to give the reader a taste of the secular religiosity of Keynes’s 1940s followers.

 After reading this, the reader should consider to what extent the intolerance to non-Keynesian ideas shown today by not-a-few journalists and economists wearing journalist hats is in the religious tradition of these early “Keynesians.”  I simply post some excerpts from an article by Ludwig von Mises, addressed to the general public, called “Stones into Bread: The Keynesian Miracle” originally published sixty years ago in 1948. It was reprinted in a volume called Planning for Freedom. Continue reading