Working Papers
A Network Approach to Geopolitics
Economics Working Paper 26127
October 16, 2026
Published July 23, 2020
Milton Friedman explains Keynesian economics and its influence on politicians and deficit spending. Theories made popular by John Maynard Keynes advocate for increased government spending during recessions and suggest that government should make up the difference if private spending isn’t high enough to boost the economy. Unfortunately, politicians have embraced Keynes’s ideas as a reason to spend, regardless of the state of the economy.
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