This content discusses the philosophical and moral implications of John Maynard Keynes's economic theories. It highlights how Austrian economists, especially Murray Rothbard, have critiqued Keynes's views and identified their moral underpinnings.
1. Critique of Keynes's Theories:
• Austrian economists like Ludwig von Mises and Murray Rothbard criticized John Maynard Keynes for the numerous economic fallacies he proposed, particularly in his work, The General Theory.
• Rothbard uniquely focused on the moral aspects of Keynes's economics, arguing that Keynes's disdain for bourgeois values influenced his economic thinking.
2. Separation of Economic and Moral Views:
• Academics often treat economic views separately from moral and religious beliefs, but Rothbard and Hunter Lewis argue these views are interconnected.
• Some moralist figures in history, including Christians who supported socialist ideas, illustrate this connection.
3. Keynes's Moral Worldview:
• Rothbard asserts Keynes had contempt for conventional morality, thrift, and family values, preferring immediate gratification over long-term saving.
• This belief system reflected the attitudes of a group Keynes was part of at Cambridge University, which valued personal relationships over general moral principles.
4. Consequences of Keynes’s Views:
• Keynes believed in spending as a solution to economic crises, countering traditional views that emphasized saving for future prosperity.
• His famous phrase, “In the long run, we are all dead,” reflects his short-term focus.
5. Moral Implications of Economic Theories:
• Austrian economist Hans-Hermann Hoppe highlighted that low time preferences (the ability to delay gratification) are essential for economic growth and stability.
• Keynes’s promotion of high time preferences contrasts with the values that many religions promote, such as patience and self-restraint.
6. Keynes and Modern Economics:
• Contemporary economists, like Paul Krugman, critique Austrian Business Cycle Theory (ABCT), suggesting it wrongfully associates boom periods with inevitable recessions.
• Krugman argues for policies that encourage spending rather than austerity, claiming it's a moral imperative to address recessions with liberality.
7. Keynes’s Immoralism:
• Rothbard argues that Keynes maintained an immoralist perspective throughout his life, adhering to views that reject traditional morals and promote individual desires without restraints.
• This belief persisted into Keynes's later years, reaffirming his place within a group that valued modern and often untraditional concepts over established moral standards.
The piece argues that Keynesian economics is rooted in an immoral worldview that prioritizes short-term satisfaction over long-term stability and moral behavior, challenging traditional values tied to savings and restraint. Keynes's theories seem at odds with the principles upheld by various religions, reflecting a broader critique of moral implications within economics.
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