The Cult of Keynes and Its Origins

Source: Libertarian Institute
by Robert Blumen

“The British Austrian economist W.H. Hutt was a great critic of Keynes’s economic theories. However, his speculations on why the New Economics revolution happened are even more fascinating. Hutt shows it to be a fundamentally dishonest undertaking. Keynes held a long-standing belief in inflation and public spending. His General Theory was the culmination of his search for an intellectual foundation on which to support his belief. Yet it was an unstable foundation. Had he stated his thesis in clear terms, it would have been seen as noncontroversial in some parts and in the rest untrue. The staggering complexity, deliberate obscurantism and ‘dialectical tricks’ of The General Theory were part of a necessary stratagem of disguise.” (06/08/21)