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.
Llewellyn H. Rockwell, Jr.
May 23, 2016
Keynes Must Die
[This reminds me of something I wrote almost four years ago:
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]
All fine points, but to me all such arguments are moot. The very concept of human rights overrides any discussion of coercive interference, or “management” of society, and that would include economics.
The discussion of whether or not this group or that group is smart enough, or otherwise qualified, to violate humans rights is trumped by the fact that it is wrong to violate human rights. It’s a bit like having a thoughtful discussion of who is qualified to decide which among all new-borns are to be allowed to live, based on what is good for society. You just don’t have that discussion.
Of course. But my point, which I see I failed to make, was this explains the tremendous appeal to those who believe they are the “chosen ones” who are “born to regulate”. They latch onto this false economic model and use it as their rational to violate the rights of others. And as someone wiser than me once pointed out the tyrant may tire of doing evil, become sated, or realized the error of his ways. But those who believe they are doing good will not voluntarily stop.
On a somewhat tangental note…Have you ever seen the ‘economic rap battles’ between Hayek and Keynes?
Round one: https://www.youtube.com/watch?v=d0nERTFo-Sk
Round two: https://www.youtube.com/watch?v=GTQnarzmTOc