What if the whole world did follow Keynes economic theory? WHAT WOULD THE WORLD COME TO?????!!!!???
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We have followed them, this is where we are at. The Keynesian model has given politicians at least the benefit of the doubt when it comes to deficit spending. If we assume congress followed Keynesian prescriptions to the best they could, it would still only be their "best" since centrally planning an economy is impossible as Mises and Hayek point our with their illustration of the calculation problem and the knowledge problem respectively.
We have followed them, this is where we are at. The Keynesian model has given politicians at least the benefit of the doubt when it comes to deficit spending. If we assume congress followed Keynesian prescriptions to the best they could, it would still only be their "best" since centrally planning an economy is impossible as Mises and Hayek point our with their illustration of the calculation problem and the knowledge problem respectively.