Keynesian economics is a fraud. It has neither theoretical coherence nor empirical support. It was adopted out of desperation in the 1930s. Many contemporary economists of the time protested that the fundamentals of the theory were incorrect. Economists had rejected some of its premises more than a century before John Maynard Keynes was born. For a sampling of some of the reactions, see The Critics of Keynesian Economics. This article will explore the following topics: How Keynesianism Was Accepted The Case Against Keynesianism How Politics Complicates Economics Why There Will Be No Political Solution Why Did Keynesian Economics Dominate? Keynesian economics represented a major shift in economic thinking. To understand how it dominated, some commentary on paradigm shifts is useful. Thomas Kuhn described how knowledge advances in the physical sciences. His work popularized the term "paradigm shift." He asserted that more than just a crisis and "proof" was needed for a new paradigm to be accepted: [C]risis alone is not enough. There must also be a basis, though it need be....
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