It’s sometimes difficult to make fun of Keynesian economics. But this isn’t because Keynesian theory is airtight.
It’s easy, after all, to mock a school of thought that is predicated on the notion that you can make yourself richer by taking money from your right pocket and putting it in your left pocket.
The problem is that it’s hard to utilize satire when proponents of Keynesian theory say things that are more absurd than anything critics could possibly make up.
Paul Krugman, for example, stated a couple of years ago that it would be good for growth if everyone thought the world was going to be attacked by aliens because that would trigger massive military outlays.
He also asserted recently that a war would be very beneficial to the economy.
Equally bizarre, he really said that the terrorist attacks on the World Trade Center would “do some economic good” because of the subsequent money spent on rebuilding.
And let’s not forget that John Maynard Keynes actually did write that it would be good policy to bury money in the ground so that people would get paid to dig it out.
As you can see, it’s difficult to mock such a strange theory since proponents of Keynesianism already have given us such good material.
But let’s try.
Here’s an amusing satirical image of Ludwig von Mises describing Keynesian economics.
Here’s Paul Krugman doing a Keynesian weather report.