Chapter 12 - Post Only

McMaken critiques Keynesian economics by pointing out how if it worked, it would have by now. Instead, the US has faced recessions, depressions, and lower wages. He says the government cannot efficiently guide the flow of money because each individual person knows how money should be delegated in their corner of expertise. He also critiques the ineffective use of inflation, which benefits very few groups of people and allows too much power for the Federal Reserve. He explains that free-market theory is unpopular because it would remove welfare, pop bubbles, and remove power from politicians. Market-theory requires delay of gratification, which is a discipline few are willing to embrace on such a large scale.