Daydreaming Idly
"It is reality that awakens possibilities, and nothing would be more perverse than to deny it. Even so, it will always be the same possibilities, either in sum or on the average, that go on repeating themselves until a man comes along who does not value the actuality over the idea. It is he who first gives the new possibilities their meaning, their directions, and he awakens them."
- Robert Musil, The Man Without Qualities
"The truth will set you free. But not until it is done with you."
- David Foster Wallace
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Keynesian economists made some pretty clear predictions around 3 years ago – predictions that were very much at odds with what anti-Keynesians were saying. We said that as long as the economy remained deeply depressed, even a huge rise in the monetary base would not be inflationary, and that even huge budget deficits would not send interest rates soaring. And we said that fiscal austerity would be contractionary, not expansionary.
All these predictions have been borne out. And some of the anti-Keynesians seem to be in the process of acknowledging, at least in a grudging way, that they got it wrong.
But some anti-Keynesians have tried to save their dignity, or something, by attacking supposed Keynesian propositions that nobody actually, you know, proposed.
Paul Krugman, “The Great Anti-Keynesian Flip-Out.” (via ryking)
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