Getting Leftists Aboard Against Keynesianism
"One of the most pernicious and widespread economic fallacies is the belief that consumption is the key to a healthy economy," begins Steven Horwitz — Consumerism Is Keynesianism. "Free-marketeers focus on production," the author reminds us. Of particular interest, the author notes the following:
- The great irony is that leftists frequently argue that capitalism equals “consumerism.” They think defenders of free markets believe that more consumption promotes economic growth; thus we are charged with providing the ideological cover that justifies the consumerism they see as deadening lives and wasting resources. What the leftist critics miss is that economists never saw consumption as the driving force of economic growth and prosperity until the Keynesian criticisms of free markets became ascendant.