Fed chairman Jerome Powell on Wednesday announced the economic data now coming out “is worse than any data we have seen for the economy.”
As an Austrian economist, I’ve known for years that Keynesian economics rests on crude fallacies—indeed, Tom Woods and I have an entire podcast dedicated to the (usually wrong) columns of Paul Krugman. But in the arguments over the coronavirus, we see that the Keynesian commentary isn’t just wrong, but dangerous.
Some myths in politics die hard.
Since mid-March, the French people have been coping with one of the strictest lockdowns in Europe. Large gatherings have been banned, and schools, bars, restaurants, and all shops (except for grocery stores) have been closed.
