Here’s a sharp Bloomberg article on the horrible state of the British economy. In the Land of Keynes, the Labour Party government has been following Keynesian doctrine faithfully and is looking at bankruptcy. The UK is just a little behind on the ruinous path blazed by Greece, Spain, Italy, and Portugal. The Keynesians, however, just say, “The government must spend more to get us out of recession!”
A doctor might admit he did the wrong thing if the patient dies. Will Keynesian economists ever own up to mistakes leading to economic death or at least paralysis?
