Keynes and the coalition

The Telegraph website has a video'd interview with John Maynard Keynes's latest (and possibly most sycophantic) biographer, Lord Skidelsky. His Lordship believes that Keynes would have been astounded and horrified at the economic illiteracy of the coalition government.

Very likely he would, but I'd venture to suggest that he would also have spoken out strongly against the Brown-inspired, drunken sailor spending of the period from 2000-2007, when the economy was growing strongly and was clearly in no need of fiscal stimulus. I don't recall hearing much from Skidelsky, or from any of the politicians and others who are now so happy to declare themselves to be reborn Keynesians, when that nonsense was going on.

It's a bit of a sad fate for Keynes that, for so many of the public (I exclude Lord Skidelsky from this), the only part of his massive written output that's ever remembered is his belief that governments should resort to fiscal stimulus at times of recession. If you need any insight into how well Keynes is understood, just read the barely literate comments posted by Telegraph readers in response to the Skidelsky interview. Herewith a sample or four:

Keynes was plainly a dolt, for only a dolt would have come with the plain stupid things that Keynes did; pay people to dig holes and fill them in again, my aunt fanny!yeah we need holes like we need another labour government. i.e. like an hole in the head.

and...

Keynes is dead. Unfortunately a considerable number of "Keynesians" don't seem to appreciate the fact. Various Universities have force fed them his past deliberations and like zombies they go around prosletising these second hand ideas as if they were a holy edict.

and...

Keynes and Keynesians are for economics what a witch doctor is for medicine. They approach Economics the same way a scientist approaches Physics or Chemistry.

None of the keynesians are known for running a business, but Academia is under their control. No wonder it's the case, it gives governments (which finance the Academia) the moral ground to steal more from the people (tax).

and...

Time and time again it has been shown that fiscal restraint results in economic growth. The mechanism isn't clear, but I'd suggest that fewer free lunches make people work harder.

The comment made by the Lord is completely in line with some socialist economic models but completly out of touch with the reality - which is, the more you give to people today, the less they produce, the les they have tomorrow. Very Labour indeed.

and my favourite...

haha another blow for the moronic telegraph economics desk, committed to trying their best to convince the readership that Keynes and our progressive leaders know best, but wait, look at all these wonderful comments!

THE SHEEP ARE WAKING UP!!!

We are not buying your propaganda Telegraph, your constant attempts to shove a pro Keynes bias is rejected ever more vehemently. Well done to all the posters below who have voiced their objections.

The Telegraph as a bastion of Keynesian economic thought! We must have flipped into one of Stephen Hawking's parallel universes.