Presented by Llewellyn H. Rockwell, Jr. at "The Failure of the Keynesian State," the Mises Circle in Houston, sponsored by Jeremy S. Davis. Recorded Saturday, 23 January 2010. Includes introductory and closing remarks by Mises Institute president Douglas E. French.
The New Deal began before John Maynard Keynes propagated his theories. But the state was pleased to have a scientific gloss for its looting, inflating, and controlling ways. The question then and the question now is: does this approach actually stimulate the economy. The Great Depression lasted long past the New Deal. In Japan, the Keynesian way has turned a marvelously productive economy into a stagnant and seemingly permanent mess. What will the same path mean for the U.S.?