Excerpt:Â Previous postings (Part One; Part Two; Part Three; and Part Four) discussed aspects of Paul Krugman's essay "Who Was Milton Friedman?" in the New York Review of Books. In that essay, Professor Krugman, the New York Times's propagandist for socialistic economics, contrasts the conceptual approaches of Nobel-Prize-winning economist Milton Friedman and John Maynard Keynes, who remains one of Professor Krugman's heroes.
Keynes, a British economist, propounded a rationale for massive Federal deficit spending and continuous inflation, along with tight regulation of private economic decisions. His 1936 "General Theory of Employment, Interest, and Money" was regarded by liberal-Progressive-socialists in the Roosevelt New Deal as the ultimate revelation of economic wisdom.