It’s sometimes difficult to make fun of Keynesian economics. But this isn’t because Keynesian theory is airtight.
It’s easy, after all, to mock a school of thought that is predicated on the notion that you can make yourself richer by taking money from your right pocket and putting it in your left pocket.
The problem is that it’s hard to utilize satire when proponents of Keynesian theory say things that are more absurd than anything critics could possibly make up.
Paul Krugman, for example, stated a couple of years ago that it would be good for growth if everyone thought the world was going to be attacked by aliens because that would trigger massive military outlays.
He also asserted recently that a war would be very beneficial to the economy.
Equally bizarre, he really said that the terrorist attacks on the World Trade Center would “do some economic good” because of the subsequent money spent on rebuilding.
And let’s not forget that John Maynard Keynes actually did write that it would be good policy to bury money in the ground so that people would get paid to dig it out.
As you can see, it’s difficult to mock such a strange theory since proponents of Keynesianism already have given us such good material.
But let’s try.
This is the one that got the biggest laugh from me.
Last but not least, here’s an image of a neighborhood that has been the recipient of lots of stimulus. I bet the people are very happy.
Sort of reminds me of this satirical Obama campaign poster.
Let’s close with a few serious observations.
I recently added my two cents to the debate in an article debunking the White House’s attempt to justify the failed 2009 stimulus.
And there’s lots of additional material here, here, and here. My favorite cartoon on Keynesian economics also is worth sharing.
And you’ll hopefully learn even more by watching my video debunking Keynesian theory.
I’ll end with a gloomy comment. It’s easy to mock Keynesian economics, but it’s very hard to put a stake through its heart.
How can you kill an idea that tells politicians that their vice – buying votes with other people’s money – is actually a virtue?
P.S. Here’s the famous video showing the Keynes v. Hayek rap contest, followed by the equally entertaining sequel, which features a boxing match between Keynes and Hayek. And even though it’s not the right time of year, here’s the satirical commercial for Keynesian Christmas carols.
[…] is about Keynesian economics, click here, here, and here for some amusing cartoons. Here’s some clever mockery of Keynesianism. And here’s the famous video showing the Keynes v. Hayek rap contest, followed […]
[…] to enjoy some cartoons about Keynesian economics, click here, here, here, and here. Here’s some clever mockery of Keynesianism. And here’s the famous video showing the Keynes v. Hayek rap contest, followed […]
[…] If you like humor about Keynesian economics, here’s the place to start. You’ll find additional material here, here, here, here, and […]
[…] ‘I’ve used humor to debunk Keynesianism. Professor Cochrane takes a more high-brow approach to show why the theory doesn’t make sense. […]
[…] if you want to understand Keynesian economics, this Scott Stantis cartoon is a gem, as is the third image in this post (and while there’s no economic substance, this Lisa Benson cartoon about Keynesianism is […]
[…] ‘I’ve used humor to debunk Keynesianism. Professor Cochrane takes a more high-brow approach to show why the theory doesn’t make sense. […]
[…] used humor to debunk Keynesianism. Professor Cochrane takes a more high-brow approach to show why the theory […]
[…] used humor to debunk Keynesianism. Professor Cochrane takes a more high-brow approach to show why the theory […]
[…] used humor to debunk Keynesianism. Professor Cochrane takes a more high-brow approach to show why the theory […]
[…] ‘I’ve used humor to debunk Keynesianism. Professor Cochrane takes a more high-brow approach to show why the theory doesn’t make sense. […]
[…] used humor to debunk Keynesianism. Professor Cochrane takes a more high-brow approach to show why the theory […]
[…] used humor to debunk Keynesianism. Professor Cochrane takes a more high-brow approach to show why the theory […]
[…] used humor to debunk Keynesianism. Professor Cochrane takes a more high-brow approach to show why the theory […]
[…] used humor to debunk Keynesianism. Professor Cochrane takes a more high-brow approach to show why the theory […]
[…] close by augmenting our collection of Keynesian humor. Here’s a “your mama” cartoon, based on the Keynesian notion […]
[…] P.D. Si quieres disfrutar de un poco de humor keynesiano, haz clic aquí. […]
[…] P.S. If you want to enjoy some Keynesian-themed humor, click here. […]
[…] P.S. If you want to enjoy some Keynesian-themed humor, click here. […]
[…] The little girl in the picture also is the star of a meme about Keynesian […]
[…] close by adding to our collection of Keynesian […]
[…] windows because there are so many actual needs that new projects could try to serve. Keynesians are often quoted out of context in an attempt to discredit their ideas. For example Keynes is often ridiculed for writing that we […]
[…] to enjoy some cartoons about Keynesian economics, click here, here, here, and here. Here’s some clever mockery of Keynesianism. And here’s the famous video showing the Keynes v. Hayek rap contest, […]
[…] this an unfair jab? Maybe, but don’t forget that Keynesians are the folks who think it’s good for growth to pay people to dig holes and then pay them to fill the holes. Or, in Krugman’s case, to […]
[…] waste. This may not matter to Keynesians since they just want there to be spending (no joke, Keynes actually did write that it would be good policy to bury money in the ground so that people would get paid to dig it […]
[…] If you want to understand Keynesian economics, this Scott Stantis cartoon is a gem, as is the house-on-fire image in this post. […]
[…] Here’s some humor about Keynesian […]
[…] You can enjoy some good anti-Keynesian humor by clicking here, here, here, and […]
[…] You can enjoy some good anti-Keynesian humor by clicking here, here, here, and […]
[…] used humor to debunk Keynesianism. Professor Cochrane takes a more high-brow approach to show why the theory […]
[…] Here’s some clever humor about Keynesian […]
[…] I shared some good jokes about Keynesian economics a few weeks […]
Reblogged this on Brian By Experience.
[…] since Keynes himself thought it would be good for growth if the government buried money in the […]
[…] since Keynes himself thought it would be good for growth if the government buried money in the […]
i think ALL politicians should be required to read two books … well two books and a document
1) Atlas Shrugged
2) Henry Hazlitt’s Economics in One Lesson
and
… the Constitution
unfortunately, like a horse & water, getting them to understand and embrace is a whole other matter
I was able to tweet this, but I have tried several times to post to Facebook without success. Is anyone else having this problem?
The book that I find is the most useful is “Economics in One Lesson” by Henry Hazlitt. David Frisko Teacher, Prophetic Autistic Savant and Visionary Idealogical Mediator. (ideal logical are combined on purpose)
An irony. Keynesian economics is simply, obviously, laughably wrong. So, the ordinary person assumes that learned economists must be horribly misrepresented. Those criticisms must be political smears by Republicans who want to limit government spending, to keep the working class down, and to somehow preserve their own ill-gotten gains.
It is not enough to point out the simple absurdity. The criticism must be backed up by understandable detail showing exactly how Keynesians go wrong. The link below is an effort toward that. I show how an error in logic leads to laughable results. Put simply, Keynesians write down a correct equation representing a true relationship, then interpret the relationship backwards to get insane results. The math is good, but the conclusion goes against cause and effect.
Rain Illogic. TRUE: When it rains, the streets of the city become wet. TRUE: When the streets become wet, it is almost always raining. FALSE: Making the streets wet almost always causes it to rain.
Keynesian Illogic. TRUE: A growing economy (more jobs, work, and production) increases consumer spending. TRUE: Increased consumer spending almost always means a growing economy. FALSE: Intentionally increasing government and consumer spending will almost always result in a growing economy.
Mathematics is only an aid to thinking. It represents quantities in a way which can be easily written and combined. The results can suggest more things to think about.
Physicists know that their mathematics is almost always a simplified model of reality. They are dismayed but not surprised to find that an equation makes bad predictions. They always compare their expectations to reality to correct inevitable mistakes. When in doubt, they distrust the math, not reality.
The commonly taught and usually believed Keynes Multiplier is probably the most destructive piece of false economics. It provides support for government borrowing and spending regardless of the merits of the project. The act of spending is supposed to create more wealth than the wealth wasted by the spending. So, why not spend big?
But, the commonly taught derivation is laughably illogical, not merely a bad estimate.
The Illogic of the Keynes Multiplier
A Missouri Senator (Tom Eagleton) back in 1984 praised Keynesian Economics back when the Reagan administration was implementing economic reform. Of course, he didn’t have the benefit of looking back (like we do now) on how Reaganomics positively influenced the economy. There’s a pretty interesting article about the Senator and his statements regarding Keynesianism over at http://missouritenth.com/2014/03/05/lasting-legacies-keynesian-economics-vs-reaganomics/
[…] Mitchell: Making Fun of Keynesian Economics – via That Mr G […]
Reblogged this on This Got My Attention and commented:
Funny!
Reblogged this on Objectivism for Intellectuals and commented:
Keynesian economics is such a bad joke. And to think that the US government and its main regulatory arm, the Federal Reserve, has been mostly guided by this garbage for the last 60 years.
Mises tops Keynes every time. How could any THINKING person disagree?
Reblogged this on That Mr. G Guy's Blog.
Reblogged this on U.S. Constitutional Free Press.