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Keynes was an open critic of Marx despite also claiming to have never read him. And yet here one sees remarkable parallels between the two. For Marx, communism was a condition of abundance, a society where labour and leisure dissolved into each other, and where our natures were developed in a manner consistent with play. This was a world where scar
... See moreAaron Bastani • Fully Automated Luxury Communism
When the facts change, I change my mind
— John Maynard Keynes
When the federal government borrows heavily, it competes with the private sector for limited financial resources, driving up interest rates.
Jack’s fiscal conservatism could be seen in his antagonism to unbalanced budgets, which he believed a threat to the national economy. In 1947, he openly opposed a Republican proposed tax cut, which he attacked as not only unfair to lower-income citizens but also a menace to economic stability. In 1950, he spoke out against Democratic-sponsored spen
... See moreThe fatal flaw of socialism that Mises exposed was that without a price mechanism emerging on a free market, socialism would fail at economic calculation, most crucially in the allocation of capital goods
Saifedean Ammous • The Bitcoin Standard: The Decentralized Alternative to Central Banking
The General Theory of Employment, Interest, and Money
After Augustus’ death, the Emperor Tiberius hoarded money, with the result that interest rates rose above the legal limit and a banking crisis erupted in AD 33. Tiberius then decided to lend out the imperial treasure free of interest to patrician families, which brought about an immediate decline in interest rates and an end to the crisis.55 His ac
... See moreEdward Chancellor • The Price of Time: The Real Story of Interest
In Minsky’s own words, ‘The tendency to transform doing well into a speculative investment boom is the basic instability in a capitalist economy.’