The problems with Keynesianism: a view from Austrian capital theory

Steven Horwitz

Chapter 6 in What’s Wrong with Keynesian Economic Theory?, 2016, pp 106-122 from Edward Elgar Publishing

Abstract: Before the advent of Keynesianism, most recessions were short-lived as producers were left free to shuffle the jigsaw pieces into better combinations. It is the very lack of trust in markets, and the misguided trust in the political process, that Keynesianism produced as a result of its theoretical errors with respect to capital that now leads us to think stimulus spending is necessary and effective. The approach of Hayek and the Austrians give us good reasons to think otherwise. The evidence would seem to be in their favor.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2016
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