“Four images provide the conceptual tools to refute Keynesian economics: the gun, the wallet, the IOU, and the printing press.” …

“The heart of Keynesian is economics is here: the attribution of autonomous economic productivity to the agency with the gun. Somehow, government can increase aggregate spending (1) without producing anything new and (2) without reducing spending somewhere else in the economy. Keynes never explained how this is possible. Neither have his disciples.”

Read more: Four Mental Images That Immunize Sensible People — But Not Economists — Against Keynesian Economics.

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