2/28/2010 PERMALINK
The U.K. has perfectly followed Keynesian economic dogma, so how's that working out for them? More than any other nation in the current economic downturn, the U.K. has follows the Keynesian economic prescription to the letter. The results are a stagnant economy, a crippling budget deficit, rising prices, difficult selling government debt and a dismal future. The Keynesian theories of economics are pseudo-science that has persisted only because it serves to justify big government. Big government generously supports Keynesian economists, who's work serves to support big government, creating a potentially civilization destroying feedback loop. It is exactly the same mechanism that has corrupted climate scientists into faking data in order to keep those massive government research grants coming. Politicos want more power and are willing to richly reward scientists coming up with theories supporting any new power grab opportunity.