Argentina’s Use and Abuse of Keynes

Last week, addressing the elite of Argentina’s business community, the economy minister, Axel Kicillof, explained the government's policies as a real-world application of Keynesian theory. But that is a deeply flawed interpretation.

BUENOS AIRES – “We are all Keynesians now,” Republican US President Richard Nixon famously said in 1971. Today, Axel Kicillof, Argentina’s Peronist economy minister, is echoing this sentiment. Is he right?

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