Category: Buchanan, James M.

“Why does Camelot lie in ruins? Intellectual error .. squarely lies with the economists. The “academic scribbler” who must bear substantial responsibility is Lord Keynes, whose thinking was uncritically accepted .. The mounting historical evidence of the ill-effects of Keynes’s ideas cannot continue to be ignored. Keynesian economics has turned the politicians loose; it has destroyed the effective constraint on politicians’ ordinary appetites to spend and spend without the apparent necessity to tax.”

–James M. Buchanan, 1919-2013, Winner of the Nobel Prize in 1986