The Foundation for Economic Education has posted a great article in their “Timely Classic” series today. It is a piece from 1993, published in the Freeman, by Professor Roger Garrison of Auburn University. It is maybe the best, relatively short explanation and critique of Keynesian economics that I have seen. While many of us use the expression “Keynesian economics” quite frequently, especially with reference to President Obama’s economic policies, do we really know what it is and what its presuppositions and problems are? Garrison’s article explains all the essentials. It is a worthwhile read for non-economists and economists alike.