Economics: Keynes Was Not A Keynesian
by Professor Gilbert Morris
As an economist, I eschew the soft-headed convenience of ready-made ideologies, together with their carrying rationalities, turning upon intellectual vulgarities I haven’t the stomach to bear. But even when we look askance at ideologies, focusing instead upon flinty economic facts evidenced in history, a certain resolve may be expressed without overstatement:
- Markets are the best means to capture the wisdom of individuals acting in their own interests.
- Taxes should be moderate, clear and specific, to afford business and individuals the most efficient options for planning investment and economic activity.
- Regulations should be specific and not speculative; written with sufficient flexibility to address new situations, with a clear, speedy review process to put right such anomalies as may arise from human action.
- Under this framework, capitalism provides, not merely, the most efficient means of producing prosperity for the largest possible number of persons, but also the best means by which those without it may acquire capital, by which they too can become more direct authors of their won prosperity.
- So long as the above is true, the well-off, the well and the not-so-well-off can co-exist in social harmony, because there is the belief that with application and diligence anyone who is not well-off may become so, within the system as described.
There are further elegant truths in history offering wisdom by which clear thinking on these questions may be maintained, advanced and reinforced:
- Too aggressive a tax rate offends the sense of accomplishment of those who toil for their own prosperity; increasing the feeling that the fruit of their labours is being apportioned by an unaccountable few for the sake of an increasing many.
- The habitual debasement of the currency undermines the assumption of value, which instigated the resolve to labour for oneself, in the first instance.







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