Keynesian economists in Yankeedom are bringing out the wine glasses, imagining that Covid will soon be over and the capitalist economy will come roaring back. But as Michael Roberts points out, capitalism was in trouble long before Covid and these troubles will be even worse after it is over. Keynesian economists ignore the long-term impact of job loss, the loss of small businesses and bankruptcies. Roberts then makes an interesting comparison between the 1920s and today.
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