Paul Krugman schooled by Spanish “Austrian” Economist Pedro Schwartz
To be brief, “Keynesian” economists believe that human beings are smart enough to manage an infinitely complex society, bailouts should be given to the businesses they view as valuable, and governments should be able to spend unlimited sums of money/debt on whatever the government decides.
“It is no coincidence that the century of total war coincided with the century of central banking.” ― Ron Paul
If you’re unfamiliar with the topic or enjoy seeing Keynesians get debunked in public the below video featuring Spanish “Austrian” economist Pedro Schwartz is pure gold.
Complete video here, in a mix of English and Spanish. Start around 1:00 for a good English section with back and forth dialogue between the speakers.
As a final goodie, check out this video of Senior Fellow at The Ludwig von Mises Institute, Mark Thornton outlining the incredible foresight, value and power of Austrian economics vs. the over-promising, under-delivering, fantasy of Keynesian thought.
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