Saturday, September 14, 2019

Old-fashioned economic religion

I think there is an element of truth in the view that the superstition that the budget must be balanced at all times, once it is debunked, takes away one of the bulwarks that every society must have against expenditure out of control. There must be discipline in the allocation of resources or you will have anarchistic chaos and inefficiency, and one of the functions of old-fashioned religion was to scare people by sometimes what might be regarded as myths into behaving in a way that long-run civilized life requires. We have taken away a belief in the intrinsic necessity of balancing the budget if not in every year, in every short period of time. — Paul Samuelson

John Maynard Keynes: Life, Ideas, Legacy, dir. Mark Blaug, 1988, Film.

Video clip here

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