Bad politics and bad definitions

Guided by Keynes’s macroeconomic fallacies and dodgy economic definitions, new governments will make the same mistakes as the ones they replace

I’m resending this post because I inavertedly omitted two charts

We have a new government in the United Kingdom, and in a few months’ time there will be a new President in the United States. It matters not who becomes US President; either of the two leading contenders will make the basic errors already apparent in the UK’s new socialist government. And that is having the belief, or the self-given right, for a government to intervene in an economy for whatever purpose.

Assuming for a moment that a government’s intention is to intervene solely in the interests of the electorate, even then it pursues an impossible mission. It has no role in commerce except a disruptive one. It seeks to manage its citizens’ affairs, when the only parties who can effectively do so are the citizens themselves.