Sunday, March 8, 2009

Keynesian Economics in 1360?

I recently tripped across this in Prague. Originally built by Emperor Charles IV, this old city wall was built to protect Prague and some of it still stands today. Two local students who were touring us around the city told me that Charles IV had it commissioned in order to provide work for Prague's people who were suffering from a famine at the time. "Keynesian Economics!" I said.

I found this interesting in a time where the media, public opinion, and politicians suddenly all seem to believe and support Keynesian Economics completely.

Unfortunately the Prague city website reports that this is all a myth and that the wall was already under construction when the famine struck. This cannot be called stimulus money after all. For anyone who has been following the recent stimulus efforts, you could say that this wall was "shovel-ready."

No comments: