What's your opinion on Keynesian economics?
I've always hated economics of any kind. If it is to exist, Jacques Fresco's version sounds interesting and worth trying out.Â
Keynesian economics only has one interesting point and it's a flaw that they've pointed out in itself that will happen with any kind of economy.Â
According to Keynesian theory, some individually-rational microeconomic-level actions — if taken collectively by a large proportion of individuals and firms — can lead to inefficient aggregatemacroeconomic outcomes, wherein the economy operates below its potential output and growth rate. Such a situation had previously been referred to by classical economists as a general glut. There was disagreement among classical economists on whether a general glut was possible. Keynes contended that a general glut would occur when aggregate demand for goods was insufficient, leading to an economic downturn. Losses of potential output due to unnecessarily high unemployment is the result. Producers then react defensively (or reactive) making decisions that damage macroeconomics.
