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Examining Two of Keynes’s Most Popular Statements—Wasteful Public Spending Can Be Acceptable, and, In The Long Run We Are All Dead—Yields Some Surprising Implications

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  • William Beranek
  • David R. Kamerschen

Abstract

Analysis shows that John Maynard Keynes likely interpreted the concept “long run†as reflecting the dimension of calendar time, rather than operational time. More importantly, Keynes was not the advocate of wasteful spending as usually believed. He actually placed strong restrictions on this prescription; it was not an unconditional invitation to raid the public larder. Journalists, politicians, and many economists have overstated his ardor for wasteful spending.

Suggested Citation

  • William Beranek & David R. Kamerschen, 2016. "Examining Two of Keynes’s Most Popular Statements—Wasteful Public Spending Can Be Acceptable, and, In The Long Run We Are All Dead—Yields Some Surprising Implications," The American Economist, Sage Publications, vol. 61(2), pages 263-267, October.
    • Handle: RePEc:sae:amerec:v:61:y:2016:i:2:p:263-267
    DOI: 10.1177/0569434516653848
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    More about this item

    Keywords

    Keynes; long run; fiscal policy;
    All these keywords.

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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