Tag Archives: managed economy

Skidelsky’s Latest Keynesian Fantasies

This piece was originally posted at The Circle Bastiat.

In his current Bloomberg piece (link below). Keynes’s biographer Robert Skidelsky tells us that the famous economist’s “notion of satiety” has been buried by the “Darwinian capitalism” unleashed by Thatcher and Reagan in the 1980′s, with its “ideological faith in the market system” and glorification of “untrammeled self-interest” as expressed through the “profit motive.” He further tells us that Keynes and other sensible earlier economists believed that “people would, and should as rational agents, work less and enjoy life more.”

A reader on Bloomberg states that “Skidelsky inhabits the mental world of his hero, Mr Keynes.” But does he?

His three volume biography seemed reasonably balanced and accurate. Keynes’s many contradictions were noted. But in recent years, Skidelsky has presented Keynes more as the person Skidelsky wishes he had been, not the real person.

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China: The Ultimate Crony Capitalist State

It is now official, China is in the midst of a “sharp downturn in the economy.” This according to a Chinese cabinet official in Beijing quoted in this article from the New York Times. 

Also in the article the author says; “China’s unexpected economic difficulties are starting to unnerve investors in world markets, especially commodity markets, as China is the world’s largest consumer of most raw materials and the second-largest consumer of oil.”


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Is This the End of Market Democracy?

This is classic New York Times stuff right here.

In the attached op-ed Thomas Edsall addresses what he sees as the challenges structurally to “market democracy.”

The first sentence of his essay shows how completely out of touch some “opinion makers” are. He says, “The 2012 election will offer voters a stark choice between right and left alternatives.”

What election is this guy watching? He is under the false impression that the Republicans are free marketeers. Yes—Romney and Santorum, heroes of free enterprise!

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