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Opposing the Keynesian Illusion: Spending Does Not Drive the Economy

The central pillar of the Keynesian system is that spending drives the economy, so savings on a large scale will push the economy into recession. As Austrians know, that narrative is entirely false and fails to accurately explain how the economy works.

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Norbert Michel and Jerome Famularo In the aftermath of the COVID-19 pandemic, the United States experienced a much higher rate of inflation than at...