European Austerity in Perspective

by Chidem Kurdas Attempts to rein in government spending necessarily have unpleasant side effects.  Thus the Dutch government collapsed amid budget talks to control the deficit.   And British national output appears to be shrinking. Keynesians and advocates of the Obama administration’s colossal budget see this as vindication for unrestrained government spending. But in fact … Continue reading European Austerity in Perspective

Keynes, the Future and Present Austerity

by Chidem Kurdas In 1930, John Maynard Keynes dashed off an amazing prophecy. Extrapolating from the productivity gains of the past centuries, he came to the bold conclusion that the fundamental economic problem of scarcity would fade away in 100 years or so. Thanks to technological innovation and the accumulation of capital, the ancient condition … Continue reading Keynes, the Future and Present Austerity