In today’s Freeman piece, Julian Adorney argues that the Keynesian “cure” for economic stagnation and high unemployment, namely more government spending, is no better than telling a drowsy person to chug a Red Bull to pep up.
The reason for economic stagnation and high unemployment is that resources have been misallocated on a large scale. Having politicians commandeer more resources to spend on whatever projects and programs they favor does not solve that problem, but instead exacerbates it.
