Keynes vs Classical

Which school of thought do you think is a better understanding of economics? More applicable today? Here in my econ department its almost heresy to mention the Austrians, and most professors are pushing 60 or 70 and are staunch Keynesians.

I tend to think that Keynes' key observations were strictly limited to what he saw in the Great Depression, and though somewhat correct, have not been applicable since.

[benfranklin]

The proactive fiscal policy of Keynes appeals to the generally leftist politics of college professors. This follows from the extreme liberal belief that most people are not capable of making decisions for themselves, and need big government to run the country. (Our Republican bretheren seem to be moving in the big government direction themselves lately.)

Fiscal policy is one of many valid and useful tools that should be applied as appropriate. Those who advocate one as a cure-all while scoffing at the others are like the old saying that if all you have is a hammer, everything looks like a nail.

[Darryl_P]

If you want to make your professors really squirm, try this

[sam h]

[ QUOTE ]
If you want to make your professors really squirm, try this

[/ QUOTE ]

If they know much about the Weimar period or life under the Third Reich, they will probably just call bullsh*t, since that is basically what that article amounts to.