Mises Daily
Author:
William L. Anderson
Online Publish Date:
After studying and teaching Keynesian economics for 30 years, I conclude that the “sophisticated” Keynesians really do believe in magic and fairy dust. Lots of fairy dust. It may seem odd that this Austrian economist refers to fairies, but I got the term from Paul Krugman. According to Krugman, too many people place false hopes in what he calls