Keynesian economics

[spartan]

What is your opinion of Keynesian economics?
http://en.wikipedia.org/wiki/Keynesian_economics

[GPDP]

When living under capitalism, a Keynesian program should be pursued. Though some deride it as little more than a specific program for "saving capitalism from itself," it can serve to ameliorate the plight of the working class, and even empower them at its best. Keynes himself, however, was not at all opposed to capitalism per se, just its laissez-fair form.

The Post-Keynesian economists are particularly interesting. Their outlook on economics is most certainly a far cry from the neo-classical/Austrian capitalist apologetics, and may even approach a socialist line at times.

All in all, though, Keynesian economics are still important in this day and age, despite all the neo-classical bullshit that came about since the 80's. Much of American public policy, such as monetary policy, has its roots in Keynesianism.

[Ghaile]

Well the bourgeois is in such a dominant position these days in the West that the old welfare state of Keynes has been all but abandoned in favor of a more raw form of capitalist exploitation. Back in the early days the enemy of the Communist proletarian movements was social democracy, welfare capitalism and the fake reformists hiding behind left-wing rhetoric, these days class relations have become so stark that the political struggle (which represents the economic) is as clear as ever, it's easy to see the capitalist enemy and your comrades in this world.

Keynesianism basically found it's worst expression in social fascism, instead of simply using welfare provisions to keep workers in line it utilized the full apparatus of the state to repress worker movements in Europe and America.

Politics are an expression of economics, so depending on the current state of the class struggle politics will change accordingly, both as the bourgeois parties and the Communists change tactics.

[Schrödinger's Cat]

Post-Keynesianism is arguably closer to what Keynes put forward than the frivelous spending habits of Johnsen and Nixon.

[Demogorgon]

Keynesian economics certainly provides a good explanation of the effects of money in the capitalist system. It is certainly worth understanding.

You can't really put it into any fixed policy position though, because while it is often associated with welfare states, in reality people like George Bush also pursue Keynesian economic policies targetting their spending into the military rather than welfare.

[gla22]

Keynesian theory is certainly more correct than the neo-classical system.