In Defense of Doing Nothing

Posted on 27. May, 2009 by in Asides, Economy

The Cato Institute recently released a text of a speech by Jeffrey Miron entitled “In Defense of Doing Nothing about the recent government bailouts.  Miron is a fellow at the Cato Institute and a professor of economics at Harvard University.  In his speech he makes the case that the bailout are the wrong course for solving the current economic problems and that the government caused more problems that greed run amok.  He makes several good points and challenges the idea that the bailout is a no-brainer.  It is a worthy read for anybody, whether you agree with the conclusions or not.  The article is linked above.

One Response to “In Defense of Doing Nothing”

  1. Carl M.

    29. May, 2009

    Keynesian economics is just an excuse to hand out welfare. “Give out money and the market works better! Woo!” Do it enough times and we’ll give you a free Shamwell!

    Keynesian economics won’t go away until enough people point out that it’s a hidden subsidy to the rich. Years ago, Adam Smith pointed out that as capital accumulates, profit rates go down. Keynesian economics stymies this process.

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