Portugal’s Economic Revival
Like many libertarian leaning people I used to be a fan of &quot;Austrian&quot; type economics. In the past few years as a result of watching both the recovery and the cryptocurrency experiment I&#x27;ve changed my mind. I now think that Keynes was at least largely correct in the essentials.<p>I think two things trip people up. One is blind extrapolation of good personal and business financial advice onto macroeconomics. It&#x27;s clear to me that macroeconomic systems seem to have their own rules. Secondly I think some of the disdain for Keynesian ideas comes from dislike of the power concentration inherent in central banks.<p>The latter is still IMHO a valid criticism. There might be different more transparent or decentralized ways of achieving what central banks achieve. But the overall history of macroeconomics seems to fall on the side of Keynes and his successors.