Why do people still pay any attention to Keynes?

Sheldon Richman offers his insights on that question in this Reason essay.

Cato’s Daniel Mitchell says that Keynesian economic theory is the equivalent of the magical weight-loss pill. Such pills keep selling even though many people know that there is no miracle cure for being overweight. Similarly with the economy — there is no miracle cure for the damage that the governmentally-induced boom and bust cycle does. It takes time for all the economic actors to readjust, just as it takes time to lose excess pounds.

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