The brief article is here. Politicians like Keynes because he encourages them to give money to their supporters. The economics might not add up, but the politics does.
Dalrymple is good on this topic: Are We Free To Reform Ourselves? A quote:
The inability of any party seriously to retrench is surely the consequence of the growth of central government, which is now so deeply imbricated in the economy that it is often difficult to distinguish the public from the private. There are many companies – and very large ones too – that are at least as dependent on the government as any single welfare mother: and therefore so are their employees, managers and shareholders. It is not just welfare mothers, therefore, who will vote for the continuation or extension of dependence on government spending, but many of the most prosperous. When the government in Britain finally gave up on its project of the unification of all health care records in a single IT system, after having spent up to $20,000,000,000 on it, there was nothing to show for it except many IT millionaires. Unsurprisingly they were not against the government expenditure that was the foundation of their wealth.
The government is now so big that when it sneezes the whole economy catches cold. That is why, in matters of economics, we are all fascists now.
