I don't think that's exactly what he meant. Misinterpreted, you might say.
Gene Coyle Jim Devine wrote:
here's what JMK said, according to the on-line translator at http://www.freetranslation.com/: "Lord Keynes sketched in the spring 1943[61] in the consequence of its theory a long time period prognosis for the postwar period, that shows three phases, that entered largely. Keynes pleaded comes for a long time period program of national economic investment control, so that "it not at all first to larger economic variations, but rather the continuous absorption of the saving through the investments guarantees ist"[62]. "Shortly grasped, saw Keynes for the first phase of the reconstruction yet the necessity national inspections of the consumption and the investment activity, for the second the lifting of these inspections as well as a long-termed designed investment program under public inspection in order to correct variations in the private sector through contrary movements. In the transition to the third phase would be under conditions of the full employment necessary to encourage "meaningful consumption, to dissuade of the saving and to absorb a part of the undesirable Surplus through increased leisure time – more vacation (a wonderful type, money to get rid of!) and less Arbeitsstunden".[63] long-termed had to be goal to reduce "the net investments and the consumption (or, alternatively, the leisure time) to steigern".[64] condition for the third phase is the succeeding maintenance of full employment. "The Prognostik of the empirical economic development is confronted, can be said that in the 50er and '60er's appeared growth rates until around 10%. Many scientists went out could grow yet in the '60er's therefrom, the gross domestic product annually actually around 4% wherefrom they inferred, all working that which is sought are to be integrated alone through economic growth into the labor market, but it let in accordance with the prognosis of Keynes clearly after. After dismantling of the demand overhang in the reconstruction requirement centered in wealthier households of the '70er's at the saturation appearances expected by Keynes. The demand dynamics of the Besserverdienenden diminished. The easy climb of unemployment led in unemployed to Einkommensausfällen with corresponding renewed reduction in demand. The process from unemployment to income decline too demand overhang to renewed employment losses led since then to increasing unemployment. One adds up all growth rates of the OECD-countries, it gave only once in the 80er a real growth of 4% to years, also Germany lay under this sign (only the German union worried from 1990 passing for better results). The real growth sizes move since the '80er's about 2% (only in the year 2000 in 3% as a result of the low exchange rate of the introduced Euro) wherein the nachfrageorientierte theory sees the record, that with growth the working market condition to is not to be mastered. "The Prognostik does not speak in view of the real economic development then against the nachfrageorientierte theory if the absence cannot be explained the "golden age" with leisure time and generally increasing prosperity sufficiently with that to upright receipt condition of the full employment. "The third phase in which we find us today, is marked through permanently sinking growth rates how in the OECD-countries in the last 25 years results. Keynes recommended three economic measures for this phase (1.) the editions expansion of the country for the benefit of the gemeinschaftsorientierten requirement, (2.) a more uniform distribution of income in order to avoid that money in upper income layers gathers itself, where it is no longer demand effective for measures products, on the other hand in the lower for the consumption is missing, and (3.) Continuous shortening of working hours. "End of the perspective of the theory of Keynes proves itself the offer politics popular today, which sets on tax reliefs for the benefit of the businesses, on Lohnspreizung and reward restraint, in view of sinking growth rates either than an illusionär as far as it believes increase to can employment, or aims as interessegeleitete alone ideological suggestion, as far as it actually on receipt and increase of unemployment, around the organized negotiation power of the labor unions in the price development for work further to. is that what he really said? JD
