Keynes suggested the use of government to make more efficient allocations of capital but was often critical of the incompetence of government officials. He seems to unknowingly refute himself. The weak accountability in government action is what distinguishes it from market solutions. The worst solution is the pairing of select firms to partner with government actors. When the results fail capitalism is faulted, bur corporatism is not capitalism.
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I wonder if there is such a thing as idle assets. If one wishes to sit on his money for years because the costs and risks of deploying it are too high is that any different from a land owner
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from the biography John Maynard Keynes by Robert Skidelsky; Keynes was unusual in his stress on the ‘stickiness of social and business arrangements’ and the need it created for completely stable prices if capitalism was to be consistent with social
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Few economic policies demonstrate the difference between intent and outcome more than the minimum wage. Those who push for higher minimum wages in the cause of social justice refuse to accept the outcome that the cost is often shown in
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