Friday, April 15, 2016

Jan Toporowski — Kalecki's Fable


You may have seen this already but it is worth rereading. If you haven't seen it, you will like it. Plus, it is short.

Naked Keynesianism
Kalecki's Fable
Jan Toporowski
Posted by Matias Vernengo | Associate Professor of Economics, Bucknell University

10 comments:

MRW said...

Great fable. Gonna’ keep this one to use with some of those I argue with. Thx.

MRW said...

How it all nets to zero.

st hs said...

I think the fable inadvertently KO'ed the Austrian theory. Replace Jew with Fed.

MRW said...

Especially the tag line. ;-)

Ignacio said...

Amazing story... and unfortunately the conclusion is all too true.

BTW is curious how the military dictatorships have a strong deflationary/pro-creditor bias, probably fitting with the military mentality instead of pragmatical policy. In Greece it went to the extreme people starved because this stupidity, and that wasn't that long ago even.

Matt Franko said...

Rote learning vs creative learning...

Bob Roddis said...

Just as Lord Keynes and George Selgin recently destroyed Graeber and "the state theory of money", this fable exposes fiat supporters and MMTers as proponents of fraud, theft and counterfeiting. I'm bookmarking it.

Bob said...

Whatever you say, Colonel.

Philippe said...

Bobby, still as delusional as ever.

Schofield said...

Wonder if Bobby spotted the "weaponizing" at the end.