1 definition by hayekftw
Keynesian: GDP = C + G + I +Ne. More government spending (G) increases GDP. The government needs to stimulate to increase prosperity.
Sane Person: But doesn't that substitute the political process for the market process in determining how society's scarce resources are allocated? If central economic planning lead to prosperity wouldn't North Korea be the most prosperous place on Earth?
Keynesian: Paul Krugman didn't tell me that, so it can't be true! Racist!
Sane Person: But doesn't that substitute the political process for the market process in determining how society's scarce resources are allocated? If central economic planning lead to prosperity wouldn't North Korea be the most prosperous place on Earth?
Keynesian: Paul Krugman didn't tell me that, so it can't be true! Racist!
by hayekftw June 27, 2012