And now we arrive at a fourth and final group. This group is supremely rational, economically knowledgeable, and indispensable to economic stability. This group can override the foolish decisions of the others and keep the economy from falling into depressions or inflationary excess.
You probably won’t be shocked to learn that the far-seeing wizards who comprise Keynes’s fourth group are government officials.
The Communist Manifesto tells its readers that supporters of Communism are the intelligent people. They deserve, are destined to, and the good of all human kind depends on them, being in charge. That they “understand” the benefits of Communism to the bafflement of others is probably proof to them that they are the intellectual superiors of those that think Communism is, at best, prone to abuse.
And of course telling people in power they are the only ones who are “indispensable” and must “override the foolish decisions of the others” was a recipe for disaster. Henry David Thoreau wrote about that over 160 years ago.
We are now living the disaster of Keyne’s, narcissistic, economic folly.—Joe]