In Zeev's Honor, Plan the Trade and Trade the Plan

[brightness]

I know what you mean. The post-Nixon "We are all Keynesians now" modern day Keynesian practice may indeed have been at variance with the theoretical construct by John Maynard. However, that deviation should not be a surprise as the pay back time horizon is longer than the tenure of politicians who do the borrowing.

In any case, IMHO, the original Keynes writing may well have been a rope for the totalitarian Germans to hang themselves, just like all the praises for massive Chinese government spending program during 2008-09 was a rope for the Chinese to hang themselves. As Keynes himself wrote in the preface to the German edition of his "General theory," his policy proposals are far more likely to be carried out in a totalitarian country than in a western democracy.

Those totalitarian countries economies pay the price for lacking the restraint.