Libertarians bitch about it but in the end Keynes was mostly right while their precious Austrian School economists are showing more and more every day how wrong they were. Keynes beat Friedman.
As others have said, I'm not sure it's fair to equate neoliberalism with Keynesianism. Keynes was basically right in pointing out how to maximize capitalism's effectiveness and arguably, how to make the benefits of capitalism spread to the most number people. I feel like if Keynes was alive today he'd probably jive well with someone like Yanis.
The "layman" libertarian argument for austrian economics over keynesianism is that keynesianism will always result in a massive upwards transfer of wealth under a capitalist system at least in the short term (as you can always tax it back).
Under the gold standard you didn't really see countries hyper inflate, and the value of an average person's wealth wasn't in decline relative to that of the ruling classes. However there was massive economic stagnation as the money supply couldn't keep up with changing rates of economic growth across different economies.
Libertarians bitch about it but in the end Keynes was mostly right while their precious Austrian School economists are showing more and more every day how wrong they were. Keynes beat Friedman.
As others have said, I'm not sure it's fair to equate neoliberalism with Keynesianism. Keynes was basically right in pointing out how to maximize capitalism's effectiveness and arguably, how to make the benefits of capitalism spread to the most number people. I feel like if Keynes was alive today he'd probably jive well with someone like Yanis.
The "layman" libertarian argument for austrian economics over keynesianism is that keynesianism will always result in a massive upwards transfer of wealth under a capitalist system at least in the short term (as you can always tax it back).
Under the gold standard you didn't really see countries hyper inflate, and the value of an average person's wealth wasn't in decline relative to that of the ruling classes. However there was massive economic stagnation as the money supply couldn't keep up with changing rates of economic growth across different economies.