Keynes viewed depressions as something that could naturally plague market economies when total spending was insufficient to support full employment. Only with wise oversight could we hope to achieve steady economic growth.
The problem of the European Union has never been a lack of monetary and fiscal stimulus, but rather an excess of these. This has failed to produce real growth, and now we're getting more of the same, but even bigger.
Some police officers are able to easily get rehired by law enforcement agencies even though they were forced out of other departments for misconduct. That's a problem.
Measures of wealth inequality overstate actual inequality in terms of the standard of living of wealthy people relative to the rest.
The Left believes that we need the state to force people to act in line with "social justice." This means that somebody must force compliance with state edicts, even if those people aren't called "police."
The new Keynesian recommendation for monetary policy is to “stabilize the growth of aggregate demand.” In plain language this means that the monetary authorities should never stop flooding the economy with paper money.
What proponents of lockdowns mean by “follow the science” is that statements made by scientists should be accepted as axioms. An obvious problem exists when scientists make conflicting statements.
Economists are often accused of being insensitive or unconcerned about social problems, because we try to consider all the costs and benefits, both short term and long term. This often means that we are skeptical of the popular quick political fix.
Chile is the most prosperous country in South America precisely because it has (so far) avoided adopting the socialist policies being pushed on it by left-wing reformers.
Bad theories have a long life in the social sciences, and the crude quantity theory of money is one that refuses to go away.
