The Pantland Rebuttals, part 1A
I promised a while ago to take on Walton Pantland on two statements, one of which was:
Keynesism (sic) is interventionism that largely pulled the US out of the free market created depression.
The “New Economy” of Keynes was indeed one of interventionism. However, both the stated cause of the depression, and the claimed Keynesian remedy, are wrong, in my view.
(Let me say first that I’m no economist. I apprehend economics in layman’s terms, and explain it in the same way. Still, even top economists continue disputing these particular issues. I hope that my attempt at explaining how I understand it won’t offend too many thinkers more qualified than I am on the subject.)
The Great Depression has a number of important features that argue against blaming it on free markets. In particular, markets had not been by any means free.
