If Reagan's economists where Keynsians, then they were the bastardisation called neo-Keynsianism that was an out growth of neo-classical economics that sought to mimic some of the discourse of Keynsianism with none of the progressive content... just calling yourself a Keynsian (if they did) doesn't;t make you one....
The problems you identify are real, but they are not due to Keynsian economics - that is all about 'effective demand' not enriching the already wealthy!
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Ramesh #NotGoingBack
In response to this post⬆️ @ChrisMayLA6
They spun the basic tenet of #Keynsian or #Keynesian Theory:
Per #IMF, "Keynesians believe that… fluctuations in ANY component of spending,… [e.g.] investment,… cause output to change. If government spending increases, for example, and all other spending components remain constant, then output will increase".
#Reagan's connivers substituted "rich" for "government" and claimed the RICH would drive growth by reinvesting money saved in taxes.
@alexproe
https://www.imf.org/external/pubs/ft/fandd/2014/09/basics.htm
@rameshgupta @alexproe
Indeed; classic bait & switch
by Emeritus Prof Christopher May ;
Tags: #keynsian #keynesian #imf #reagan
Mentions: @ChrisMayLA6@zirk.us @alexproe@mastodon.uno
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