Lord Keynes (pseudonym)

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Blogs "Social Democracy For The 21st Century: A Post Keynesian Perspective". Very well versed in Austrian Economics.

See: John Maynard Keynes for the original.


A Day in Rothbardian Anarcho-Capitalist Paradise [More...]
Rampant inequality, poverty, disease, crime and violence. "Libertarians have a major problem: there are very few people indeed who would want such a society or think that it would be a good place to live in."
Austrians Predicted the Housing Bubble? – But so did Post Keynesians and Marxists [More...]
Austrians claims to "predict" the housing bubble are given a thorough examination and a sound drubbing. Their claims just aren't credible.
Bibliography on Methodological Individualism [More...]
A critical, extended bibliography.
Bitcoin is no Great Mystery [More...]
"One wonders why any libertarian would get excited about it (as it turns out, most do not!). [...] Bitcoins are just another speculative activity for those producing and buying them. It is just another type of gold buggery -- except even more ridiculous.
Classical Liberalism and Classical Liberals [More...]
A large list of classical liberals displaying the huge diversity of their views, including many pro-grovernment or anti-capitalist liberals such as American founders, Rousseau, Kant, Bentham, etc. Libertarians like to misrepresent them with only a list of conservative economists.
Coercion and the “Taxation is Theft” Argument [More...]
"The belief that taxation is theft obviously implies that property rights are absolute or at least high in value. But why on earth should property rights rank above human life?" Also Ludwig von Mises declares "There is, however, no such thing as natural law."
Debunking Austrian Economics 101 [More...]
More than 370 posts with meticulous references arranged in 46 categories from the blog "Social Democracy For The 21st Century: A Post Keynesian Perspective". An enormous scholarly resource for refuting numerous Austrian Economics claims. Highly recommended.
Degrees of Laissez Faire [More...]
A list of a dozen different types of economic theories that support various forms of "laissez faire." Includes a discussion of capitalism versus laissez faire.
Did Austrians Never Predict Hyperinflation?
Mark Faber, Peter Schiff, Doug French and Gary North have all predicted hyperinflation since the Great Recession. "The idea that Austrians never predicted hyperinflation in any sense is outrageous, mendacious and contemptible rewriting of history."
Fascism and Keynesianism? [More...]
"There is a tired and ignorant rhetorical trick of libertarians: to conflate Keynesianism with fascism, or the economics of fascism." Also points out Ludwig von Mises early work for a fascist and praise for Mussolini.
Fractional Reserve Banking: An Evil? [More...]
"I have to admit that every time I hear some Austrian complain about fractional reserve banking I laugh. The Austrians are adamant that fractional reserve banking is an evil fraud, yet since the early 19th century this system was a fundamental characteristic of modern Western capitalism. Fractional reserve banking was a major invention of the free market. What government ever forced banks or the public to engage in the practice?"
Free Banking in Scotland [More...]
Supposed examples of free banking turn out to have other agencies acting as lenders of last resort.
Free Trade Delusions versus the Real World [More...]
China’s success is not due to free trade, but an aggressive, interventionist, beggar-thy-neighbour mercantilist strategy.
Hans-Hermann Hoppe’s Brave New World [More...]
But because of their obsessive belief in absolute private property rights, their vision of the ideal society quickly degenerates into one of oppression, where irrational and extreme discrimination can be enforced on the grounds of private property rights, and where libertarian society degenerates into quasi-fascist demands for the physical removal of anyone deemed “undesirable,” including, most notably, cultural libertarians, hedonists, or anyone not committed to extreme social conservatism.
Hayek the Evil Inflationist! [More...]
"So Hayek, after all his attacks on Keynes in the 1930s, essentially admitted Keynes was right, at least on these points at any rate."
Herbert Hoover Myths [More...]
Steven Horwitz and other Austrians have been claiming Herbert Hoover was a Keynesian interventionist. Lord Keynes (pseudonym) sorts out this revisionist nonsense.
Hodgson on Methodological Individualism [More...]
What is it about complex social relations that invalidates both “methodological individualism” [...] The answer is “emergent properties” [...]
Hodgson on the Essence of Old Institutional Economics [More...]
The neoclassical idea of basing economics on the individual utility-maximising agent is mistaken. Individuals and their action can be shaped by social and cultural factors and institutions.
Hoppe’s Ridiculous Attack on the Epistemological Foundation of Moderate Empiricism [More...]
If it were true, then all human natural or social science of any kind based on foundational empirical propositions or assumptions would not “carry any weight whatsoever.” This is nonsense.
How Noah Smith Should Have Criticised Austrian Economics [More...]
Noah Smith and Robert Murphy had an argument. An expert critical of Austrian Economics identifies 6 major problems he thinks Noah should have attacked instead.
How to Mangle Keynesian Theory [More...]
How the comical Robert Murphy has misrepresented and mangled Keynesian theory in a standard Austrian manner.
How to Refute the Core of Austrian/Neoclassical Economics in Four Easy Points [More...]
Maybe not so easy for laymen.  :-) Neoclassical economics is commonly known as Economics 101.
Hutchison on the Socialist Calculation Debate [More...]
"It is just too facile to demonstrate that socialist planners may not be able to improve on the allocation of competitive markets if everybody in those markets -- more or less by definition -- is equipped with full or perfect knowledge."
Lee on the Three Types of Mark-up Prices [More...]
A price that is set by a firm on the basis of average unit costs of production plus a profit mark-up is an “administered price.” These prices are also sometimes called “mark-up prices,” “average cost prices,” “full cost prices,” “normal cost prices,” or “cost-plus prices.”
Libertarianism and Christianity: A Contradiction in Terms? [More...]
Romans 13.1–7 says government is instituted by God, and thus you should pay your taxes.
Mark Blaug was Right on Mises’ Method [More...]
Mark Blaug in his influential book The Methodology of Economics dismissed Ludwig von Mises’ later methodological work and apriorist praxeology as “so idiosyncratic and dogmatically stated that we can only wonder that they have been taken seriously by anyone”.
Mark-up Pricing in 11 Nations and the Eurozone: the Empirical Evidence [More...]
There is a mountain of empirical evidence available for many years now that shows that administered prices are the majority of prices in most modern market economies.
Mass Immigration is the Last Fraud of Neoliberalism [More...]
Quotes Dean Baker's "The Conservative Nanny State" to point out that mass immigration has also been an important Neoliberal tool to depress the wages of a substantial segment of the workforce.
Milton Friedman on Illegal Immigration [More...]
Milton Friedman makes a number of erroneous claims about immigration.
Mises and Hayek Dehomogenized?: A Note on a Schism in Modern Austrian Economics [More...]
Some fratricidal minutiae of Austrian economics. "Both Misesians and Hayekians live in a fantasy world, with respect to the price system." You can skip the technical parts to appreciate the fanaticism of both sides.
Mises on Mixed Economies and Socialism: He is Incoherent [More...]
"On this subject, Mises was an ignorant and muddle-headed idiot, and it is not surprising that after 1945 he was ignored by serious economists."
Mises on the Ricardian Law of Association: The Flaws of Praxeology [More...]
The alleged economic advantages of free trade claimed by Misesian praxeology and by Ricardo are simply false, because of the false hidden premises in the argument.
Murphy on US and Canadian Unemployment during the 1930s: A Critique [More...]
Robert Murphy's claims that Canada had a much better recovery without government intervention during the Great Depression are based on comparing apples to oranges.
My Posts on the Austrian Business Cycle Theory (ABCT) [More...]
About 30 posts critical of ABCT by Lord Keynes (pseudonym) at the blog "Social Democracy For The 21st Century: A Post Keynesian Perspective".
Protectionism and US Economic History [More...]
"The case for selected protectionism and also “infant industry protectionism” is a strong one. First, all the theoretical arguments in favour of complete free trade fail [....]"
Schuller’s Challenge to Misesian Apriorists has never been answered [More...]
George Schuller provided a devastating epistemological critique of Human Action's praxeology in 1951, that has never been answered. Easy to understand.
Skidelsky versus Selgin on Keynes and Hayek [More...]
The LSE debate between Skidelsky and Selgin about Keynes versus Hayek is reviewed, with links to followups. Keynes wins by a landslide. From the "Social Democracy for the 21st Century" blog.
Stefan Molyneux’s Libertarian Myths on the Great Depression [More...]
13 libertarian Great Depression myths debunked.
Steve Keen, Debunking Economics, Chapter 6: Wages [More...]
Steve Keen lists 5 ways labor is different than the usual commodities. "The problem Keen identifies here is that labour supply curves need not be well behaved."
The "Depression" of 1920–1921: The Libertarian Myth that Won’t Die [More...]
"Yes, there was a recession from 1920–1921, but its history and significance are badly misrepresented by libertarians and Austrian economists"
The Classical Gold Standard Era was a Myth [More...]
"In reality, credit money (mostly unbacked by metal) was the predominant form of money through the entire period of the Classical Gold Standard."
The English Language, Pedantry and Libertarianism [More...]
Libertarians are trying to take the word "liberalism" for themselves from progressive and left liberals. Part of their Orwellian newspeak strategy.
The Horror of Rothbardian Natural Rights [More...]
Murry Rothbard argues for legal rights of parents to kill their children by starvation.
The Moral Depravity of Rothbardianism [More...]
Allowing children to die, markets in children, child labor, torture and private weapons of mass destruction.
The Sobering Truth about Business Failure Rates [More...]
"If one looks at these failure rates, one can only conclude that decentralised, private decision-making on production and investment mostly turns out to be wrong and a failure; it is not some incredibly efficient system at all, for a 50% failure rate after 5 years for new businesses means massive wasted resources and lost opportunity costs."
The Stupidity of Libertarian Privatised Roads [More...]
Tthe argument against privatised roads is not that no roads would ever be built by the private sector, it is that leaving it to the private sector would be more inefficient and unnecessarily raise costs.
The Three Axioms at the Heart of Neoclassical Economics [More...]
"All in all, the three axioms that form the basis of neoclassical economics cannot be taken seriously."
Was Medieval Iceland an Example of Anarcho-Capitalism? [More...]
"Apparently a real world privatised justice system would require a high degree of equality of power and wealth, which I submit to you is grossly unrealistic."
What is Wrong with Neoclassical Economics? [More...]
"The list is a long one and includes practically every major theory [...]" At least 16 important assumptions that are often false.
What was the Greatest Mistake of Lionel Robbins’s Life? [More...]
Lionel Robbins (who brought Hayek to LSE) recanted his opposition to Keynes and support of Austrian business cycle theory, considering it the greatest error of his career.


Both Misesians and Hayekians live in a fantasy world, with respect to the price system. Both are dependent on the notion of universally flexible prices created by the dynamics of supply and demand curves, tending towards their market-clearing values. Both have failed to grasp the widespread reality and significance of fixprice markets and price administration.
Lord Keynes (pseudonym), "Mises and Hayek Dehomogenized?: A Note on a Schism in Modern Austrian Economics"