Robert Higgs is an historian, but there is no reason why an historian can’t also have a perfectly sound understanding of economics, as he demonstrates here.
The big point Higgs makes is that the Keynesian insistence on aggregating everything into vast categories of economic action obscures the crucial details. For example, because they only look at aggregate investment, the Keynesians fail to see that resources can be invested in the wrong things, which is clearly what happened during the credit bubble of 2002-2006.
This is an eye-opening piece and I suggest sharing it widely.
