keynes

Even Keynes would not have said so: it is only during recessions that Keynes (correctly) said that the economy needed to be stimulated.

> and austerity, as Keynes noted, is essentially anti-growth Huh, does the author seriously believe that Keynes was constant in his beliefs?

Same goes in economics and a large degree to why Keynes was thrown out by freshwater schools in the 70s.

Care to point us to a text written by Keynes advocating austerity in an economic downturn?

The ideas of Keynes were not abandoned, but they were rendered in a form that is more consistent and coherent with neoclassical economics.

In ordinary times, Keynes did not recommend fiscal (or monetary) stimulus.

The debate about Keynes is still up in the air.

I find myself agreeing with the austrian's diagnosis of present economics, but the medicine they suggest does not always seem appealing or correct, and I think worshipping hayek is basically as dumb as worshipping keynes.

This point also relies of the opposite of the old Keynes "the market can stay irrational longer than you can stay solvent" quote.

I quoted Keynes before "markets can remain irrational longer than I can remain solvent".

As John Maynard Keynes said: "The market can stay irrational longer than you can stay solvent." It's usually easier to recognize a bubble than to predict when it will burst.

As Keynes said, "In the long run, we're all dead".

Keynes's record on matters of public spending and monetary policy is a shaky one (see broken window fallacy).

Anyhow, Keynes' theories weren't so much ideological as they were based on his observations of economic events and models.

Think back to Keynes' analogy of the government burying bags of money in a mine shaft.