It seems that not one day goes by without some politician, academic hack, ‘capitalist’ or ideologue spouting about how “Keynesianism does not work”.
Here is my counter question- Why bother trying to come up with new ways to tell the world that it does not work?
How much ink or electrons are spent on trying to convince others about the futility of believing that the earth is flat, common infectious diseases are caused by spirits, fire is cold or feudalism is a good idea? Why not? Because the truth is obvious based on multiple lines of objective evidence which can be independently verified.
You can look up and observe the spherical shape of other astronomical bodies such as the moon and other planets, fly in airplanes at 50-60,000 feet or send up your own 200 dollar high altitude balloon to independently verify that the earth is not flat.
It is similarly possible to isolate, culture and characterize pathogenic bacteria and viruses with fairly basic lab facilities. You can also follow the course of an infection after giving an appropriate antibiotic. To put it another way.. it is bleeping obvious!
Now take a look at the ideological arena. Today few people see feudalism, absolute monarchy or communism as viable and hence these ideologies are not the object of hate and critique. But Keynesianism just doesn’t go away, does it? Why not?
The very fact that Keynesianism has to be actively denounced in the anglosphere tells me that it works better than the status quo. Many of the socialist or populist policies in West-European Countries and some East-Asian countries such as Japan are Keynesian in nature. Need I remind you that the golden age of the american middle class (1940s-1970s) also occurred when the nation was run by people who believed in that ideology.
Look around you.. CONservatism, neoCONservatism, neoLIEbralism and Randism have failed and still people focus their critique on Keynesianism. Tells you a lot about their supposed intellectual objectivity, doesn’t it?