by Dan Mitchell | Apr 22, 2021 | Big Government, Blogs, Economics, Government Spending
Way back in 2010, I shared this video explaining how “gross domestic product” and “gross domestic income” are basically the same number, but warning that the former leads to sloppy thinking (including the Keynesian myth that consumer spending drives the economy)....
by Dan Mitchell | Mar 9, 2021 | Big Government, Blogs, Economics, Government Spending, Keynesian
We have decades of real-world experience with Keynesian economics. The results are not pretty. It didn’t work for Hoover.It didn’t work for Roosevelt.It didn’t work for Japan.It didn’t work for Europe.It didn’t...
by Dan Mitchell | Jan 4, 2021 | Big Government, Blogs, Economics
Trump was a big spender before coronavirus and he became an even-bigger spender once the pandemic began. But the White House generally didn’t add insult to injury by citing Keynesian economic theory to justify the president’s profligacy . Prior to the pandemic, the...
by Dan Mitchell | Mar 1, 2019 | Big Government, Blogs, Economics, Government Spending
Back in January, I wrote about the $42 trillion price tag of Alexandria Ocasio-Cortez’s Green New Deal. To pay for this massive expansion in the burden of government spending, some advocates have embraced “Modern Monetary Theory,” which basically assumes the Federal...
by Dan Mitchell | Jan 24, 2019 | Blogs, Economics
I don’t care about the current shutdown battle, but I still feel compelled to add my two cents when people make silly arguments about the economy suffering because government is temporarily spending less money. This is actually a two-part debate. From a microeconomic...
